Undertaken by the OECD, a survey on financial literacy of the adult people (aged 18-79) was carried out first as a pilot in 14 countries all over the world in 2010. Later, in 2015, it was repeated in a number of countries worldwide, including 17 European countries by using the same methodology. (The three analysed elements were the following: financial skills, financial behaviour and attitude towards finances). Hungary participated in both surveys. The uniform methodology and the almost simultaneous survey provide an opportunity for international comparison and the comparison of our own database on time series. In terms of academic financial knowledge, Hungarians performed among best both in the 2010 and 2015 survey, however, we lagged behind the others regarding the practical use of the knowledge (that is, in terms of the financial behaviour and the attitude towards finances). The Hungarian results in this respect were poor, particularly in the areas of family budgeting and saving.
The low level of financial literacy among Hungarian adult citizens highlighted the importance of laying the foundation for such competencies already in an early stage of life, preferably in schools.The aversion of financial products and services by the households and the lack of comparison of the various financial options is widespread. People often take financial decisions without obtaining prior information, with incorrect assessment of risks, and fail to apply already existing knowledge, which clearly leads to poor financial decisions. A number of financial problems are caused by the individualsÕ failure to obtain proper prior information on the content of the contract before using financial services, hence they do not fully understand the features of the service or their future obligations.
The education of financially conscious, knowledgeable and self-confident citizens is a key element to a stable and sound functioning financial system with contribution to the competitiveness of Hungary. The website helps to provide useful information about the financial products to citizens. In addition, a special calculator is available for personal budgeting, so visitors can easily plan their revenues and expenditures with regard to possible savings for their longer term objectives.
This official website, Smart Finance, as a kind of platform makes available all trusted and certified general financial information existing in Hungary in webpages of public institutions like Central Bank Hungary, Ministry of Human Capacities (responsible for public education), State Audit Office etc. Links are also provided to professional associationsÕ webpages to ensure access to general financial educative materials without using brands. Particularly the Banking Association, the InsurersÕ Association and Pension FundsÕ Association are involved.