Only 23pc of young Hungarians financially savvy

Budapest, May 15 (MTI) – The percentage of young Hungarians who said they are well-informed on financial matters is 23 percent among urban youth, 28 percent among young employees and 12 percent among students, according to K&H’s first-quarter survey covering people aged between 19 and 29 years.

The bank said in a statement that young people are primarily familiar with online banking but this does not mean they are actually financially savvy. They are moderately informed about loans and insurance policies and have hardly heard about savings and investment products at all.

About 61 percent of interviewees said it was the shared responsibility of parents and schools to teach them how to manage their finances. Sixty four percent said financial education should already be started at primary school. However, 63 percent of the young people interviewed said they were never taught any financial knowledge at primary school and this percentage was 81 percent was among those living in the capital. Just 6 percent and 32 percent of young people said they obtained some financial knowledge at secondary school or at college or university.

K&H’s quarterly survey covers young people’s satisfaction and expectations for the future, including housing, work, advancement prospects, education and family. The representative survey covered 500 young people.

Source: http://mtva.hu/hu/hungary-matters