The 2008 crisis significantly eroded public confidence in the financial sector, so that as the government recovered from the crisis, the government, business and civil sectors also recognized the common interest in developing a financial culture. A high level of financial awareness has a beneficial effect on the expected performance of the economy, and the damage caused by economic crises can be reduced at the individual and societal levels as well, according to the analysis of the Money Foundation.
And financial literacy cannot be started early enough, so more and more programs focus on school age groups. In order to catch up with the higher levels of financial literacy and to coordinate the programs developed by various organizations, the Ministry of Finance has developed a “Strategy for the Development of Financial Awareness” for the period 2017-2023, including the promotion and popularization of the financial education clause.
widest cooperation This year marks the end of MONEY7 Week on Finance and Entrepreneurship, which since 2015 has spread financial knowledge to nearly 1,200,000 students. With the help of their teachers, students can gain the basic knowledge needed to make daily financial decisions within the framework of the extraordinary lessons every year, with the help of professional volunteers.
After the topic week, we have seen massive changes in the field of financial education since 2013, which means that every student, from elementary school to graduation, can now experience everyday financial knowledge. The question is, are teachers willing enough to teach their students for life and help them deal with day-to-day finances?
Most teachers are ready for the task
The latest research by the State Audit Office (SAO) also proves that raising financial awareness and motivating teachers is a prerequisite for developing financial literacy.
According to research, more than 90% of teachers consider financial education to be important. This is a very encouraging starting point in terms of motivation.
For teachers’ financial awareness, the research showed two important findings when examining the Financial Awareness Index (PTM). The PTM measures the level of financial knowledge of those who complete the questionnaire based on the percentage of correct answers to theoretical and practical questions.
An important result of the survey is that The level of financial awareness was distinct among the educators who participated in the financial training.
While teachers who had no in-service financial training scored 54%, the financial awareness index for teachers who had financial training was 64%.
Teachers’ performance is also remarkable because it is higher than that of college students surveyed in similar SAO research in 2020, who mostly studied economics, and had a 52% average score.
According to Money Compass, we can conclude that a large percentage of teachers are willing to prepare their students for life, to impart knowledge and attitudes necessary for making everyday financial decisions.
Effective financial education is not limited to one subject week
MONEY7 is an indispensable and undoubtedly successful area for the formation of financial positions, but deep practical knowledge can only be transferred through training and continuing education of students. The ideal solution for students would be to be able to learn finance and entrepreneurship subjects in all types of schools as compulsory subjects in all types of schools, but the National Core Curriculum (Nat.) offers this option built into the subjects for now. In addition to the subjects of history, civics, geography, way of life, and environmental knowledge, economic and financial knowledge can be easily integrated into mathematics classes, Nat. It also describes sessions on financial topics in more or less hours.
In order for teachers to be able to successfully integrate practical knowledge into their teaching work, in addition to their training, modern textbooks, workbooks and teacher guides supplemented with financial knowledge are also needed.
– Draws the attention of the Compass Foundation.
The good news is that since 2013, there has also been tremendous progress in curricula and other financial education programs. Today, in addition to certified, free and up-to-date professional and methodological training, teachers have access to textbooks, workbooks, and teacher guides to assist them in their work.
Thanks to the support of Magyar Nemzeti Bank This school year, for example, the Money-Based Foundation gave schools 450,000 textbooks and workbooks that could be incorporated into course materials to support free financial education. Since 2015, thousands of teachers have received the latest professional and methodological knowledge in free teacher training.
The OTP András Fáy Foundation awaits teachers who have already graduated through systematic trainings and, in collaboration with Eötvös Loránd University PPK, is also preparing interested teachers to teach basic financial, economic and management skills. The Econventio Association, in cooperation with the State Audit Office, also contributes to the development of financial literacy through, among other things, teacher training and direct education of students. The Maltese Charitable Service, with the support of Magyar Nemzeti Bank, plays a role in financial education and prepares young people living in disadvantaged areas for graduation, further education and day-to-day financial decisions.
The ever-growing educational repertoire – Financial Entrepreneurship Week, edutainment programs, fun educational materials, digital games, apps, and various competitions – has provided the opportunity to prepare future generations for everyday life and financial decisions.
Cover Photo: Getty Images
