The majority of parents would like to start their children on the path to financial awareness at a very young age and teach them how to manage and value money, according to a recent OTP Bank survey. At the same time, six out of ten interviewees find it difficult to transfer knowledge. OTP Bank has created an easy-to-use website to help families with financial education.
67 percent of Hungarian parents try to pass on more information about financial matters than their own family supported them on the subject, according to a recent OTP Bank survey. They start talking about money with children at a younger age, as was the case with previous generations. According to more than eighty percent of them, financial awareness education should start at a very young age, for example teaching the value of money. Despite this openness, many still only start talking to their children about finances when they are in primary school (48 percent), but 8 percent, for example, wait until their child is in high school.
According to eight out of ten parents, the parental model has a prominent role in this topic as well, but at the same time, more than two-thirds of the respondents find it difficult to impart knowledge on the topic, the main reason for this being the lack of sound financial knowledge. For many, it is difficult to talk about the topic in an age-appropriate way, but there are also those who think that their child is not interested in finances.
“Parents are not in an easy situation when it comes to their child’s financial education, as it is an extremely complex issue. At OTP Bank, we believe that awareness is the best financial investment, so it is essential that we help parents and provide them with the right background for their children’s financial preparation. This goal is supported by our constantly updated dedicated page: akovetkezolepes.hu. Here, with practical materials, videos and expert articles, we help parents to effectively pass on financial knowledge to their children, so the family can manage their finances even more consciously” – He told Domokos Takács, managing director of OTP Bank’s banking relations department.
What methods do parents already use? According to those interviewed in the survey, for example, they try to teach their children about the value of money with pocket money, thus motivating their children to save and manage money. One in five parents try games and applications that develop financial awareness, while others try to teach their children about adult life and valuing money with housework and student work. Unfortunately, there is also a non-negligible proportion (8%) of parents who do not try to improve their children’s finances at all, they should also visit the site.
OTP Bank Communication
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