Finance: We pay the price of ignorance

by Elaine Willett

Nearly 14,000 people took part in the Financial Awareness Test on Hungarian financial literacy 1 . The research highlights a number of contradictions: according to experts, for example, Hungarians shorten themselves by tens of thousands of forints, with the majority turning to their own bank instead of looking around the market. The level of financial literacy of the population is well illustrated by the fact that while those with higher education and income are better adapted to the world of money, even 50% of those who feel that their knowledge is wicked.


Loans – we want the best, we just don’t look for it

Loans - we want the best, we just don

The purpose of the Financial Awareness Test, which was initiated by Conpidis and Bank Rikio, was to survey the financial literacy of Hungarians. The topicality of the research is illustrated by the fact that four out of ten people still have loans or loans, and most of them are satisfied with the structure they have chosen. genre.

Typically, at the word level, everyone agrees that it is worth looking around very carefully when borrowing, but nevertheless, a remarkable number (65%) would first turn to their own bank for such an account. Four out of ten feel they are unable to compare offers, although experts suggest that in most cases they would be able to obtain better terms elsewhere: “The lack of orientation and careful search often leads to people not finding the best constructions for them, they will cut themselves by ten thousand forints, ”said Polly George, founder of Bank Rikio.

More than three-quarters of those who responded to the questionnaire said that credit offers were not transparent enough, and almost two-thirds were afraid of fine print. Almost one in four people dare to take credit only with big-name banks with many branches. In smaller or less accessible banks, slightly more than half of the respondents trust them, even though they may be significantly better off financially.

“Research confirms that loans still have legitimacy: it is not a problem of looking for external financial resources, but of doing so irresponsibly without due diligence. Therefore, it is important for everyone to compare the offers of credit institutions as a minimum to find the most advantageous arrangement, ”said Betty Holly, Head of Conpidis Hungary Branch.


Loans: Many don’t see the point

Loans: Many don

There is a great deal of uncertainty about what is most important about a loan. Nearly one-fifth of those who filled in said THM or all repayments, but half of them would not start with specific benchmarks in this case, but would make decisions based on generic terms such as “security.”


Financial literacy: The needy are in the worst position

Financial literacy: The needy are in the worst position

Half of the people are not specifically at home in this area and slightly more are dissatisfied with their financial knowledge. Typically, men, those in the 31-40 age group and those living in the city are more confident, while the more vulnerable people, who are presumably of poorer financial stability, are less likely to trust their own knowledge. More than half of the respondents feel that they do not understand banking language explicitly, and almost half of them feel that they are not familiar with the words and phrases commonly used by banks.


Seed Cleaning – This is where we are most conscious

Seed Cleaning - This is where we are most conscious

Nearly three quarters of participants have savings, although three out of ten people do not have enough quarters to save money for a quarter. On the order of magnitude, there are just as many who express themselves as conscious of saving: eight out of ten consider it important to be set aside on a regular basis and always or often succeeds. However, far fewer than four out of ten are investing their money. In general, men tend to save more than women and invest more often. The highest proportion of 31-40 year-olds pay attention to their finances, regularly set aside and invest some of their savings.

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