Agreement of cooperation between MNB-EduLab and METU

Agreement of cooperation between MNB-EduLab and METU

02. February 2024.
3 minutes reading

As another step in the commitment to the development of financial awareness and financial literacy, Prof. György Kocziszky, Rector of the Budapest Metropolitan University and Eszter Hergár, the director of MNB-EduLab Nonprofit Ltd. signed a cooperation agreement. Individuals and communities with strong financial foundations are key factors for economic stability and development.

Without financial literacy and awareness, it is difficult to sustain individual and community economic prosperity. Those who are knowledgeable in this area can manage their money more effectively, optimise their budgets and better understand the consequences of their financial decisions. These skills help people to build a more solid financial foundation for their future.
The latest results of the International Financial Literacy Survey for Adults, based on the methodology of the Organisation for Economic Co-operation and Development (OECD), put Hungary in fourth place among the thirty-nine countries that participated in the survey.
The impact of 10 years of awareness-raising work is already reflected in the Hungarian results, and the measures introduced have also contributed to the outstanding performance of Hungarians in the international survey.
The financial literacy of young adults (aged 18-29) who have left school in recent years (74 percent) is close to the 76 percent that was achieved by the best performing, 30-59 age group.
Young people leave school with a higher level of financial literacy, which helps them make better financial decisions and develop their entrepreneurial skills.
However, despite the encouraging trends, much remains to be done to improve financial literacy. The practical application of existing knowledge and other factors that influence financial decisions (motivation, planning, prudence) are the areas that need to be improved the most.
"Developing financial awareness among university students is of paramount importance, as students have to make a number of financial decisions at this stage of their lives. They need to understand the basics of finance, credit management and other financial skills to successfully manage their financial affairs during their university years, as this is the period when they will lay the financial foundations for their adult lives." - stressed Prof. György Kocziszky, Rector of the Budapest Metropolitan University. At the signing of the cooperation agreement, he highlighted that "the development of a society is closely linked to the financial awareness of its citizens. For our university, it is of utmost importance to provide high quality services to our students in order to develop the financial literacy of Hungarian and foreign students. This agreement is an important step in this direction."
MNB-EduLab Nonprofit Ltd. was established as a subsidiary of the Central Bank of Hungary with the aim of developing and providing high-quality digital learning materials for people interested in economic topics, from university students to professionals with many years of experience. By operating the Hungarian Money Museum and Visitor Center, the central bank actively contributes to the development of financial culture in Hungary.
According to Eszter Hergár, the director of MNB-EduLab Nonprofit Ltd., financial education cannot start early enough, but you can always join in the learning process. A good example of this is the Money Museum, where financial education is provided for all ages. "It is always exciting when we can step outside the walls of the museum and take our educational content to others’ homes. After our Suitcase Museum project, I look at the agreement with METU as such a collaboration".

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