New strategy to strengthen the public’s financial culture

The Hungarian Ministry of National Economy (NGM) proposed a seven-year national strategy to improve the public’s financial culture. The strategy is based on existing programs and achievements attained so far, and it is foreseen to cover the time period between 2017 and 2023.

The strategy’s main objectives are to create a framework for an actual financial education within the public education system, make it generally widespread, as well as to improve access to the basic financial services and encourage the use of cashless payment systems. The program supports guiding people towards carefully planned loans and increased financial awareness, resulting in a better handling of financial stress for households.

The Ministry also involved professional NGOs and state-owned organizations in the drafting. Within the framework of the official social coordination process, NGM is awaiting further remarks. Government decision with regards to the proposal is expected for this fall.

With this strategy, the Ministry of National Economy aims to address the entire population, especially students, young people just entering the workforce, and such vulnerable segments of the society as the population of underdeveloped areas and people with serious debts and liquidity issues.

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