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In the PISA 2022 Financial Literacy Framework, Hungarian students performed exceptionally well, with 81.7% demonstrating financial skills at or above the expected level.
Participating students achieved an average score of 492 points, which is notably higher than the average score of 475 points from the 20 countries participating in the survey. The study found that 30% of Hungarian students aged 15 are adept at managing financial tasks such as bank account management and interest rate calculations, and they consider the long-term consequences of their financial decisions. Additionally, 81.7% of these students can identify common financial products and terms, understand the purpose of financial documents, and apply basic arithmetic in financial contexts.
Despite these strong results, there is a notable need for enhanced financial education to address the evolving financial landscape and reduce inequalities stemming from different family backgrounds.
The survey highlighted that while Hungarian students show a high propensity to save (over 92%), their savings are primarily in cash, with only 44.1% having bank accounts. Financial education is integrated into various subjects such as mathematics, geography, history, and the compulsory 10th-grade financial and entrepreneurial subjects in vocational schools.
Since 2015, more than 700,000 free publications, including math workbooks, civics textbooks, and thematic workbooks by the Pénziránytű Foundation, have provided practical financial education. Additionally, nearly 4,000 teachers have participated in free accredited training courses provided by the Pénziránytű Foundation. This marks Hungary’s first participation in PISA’s financial literacy assessment since it began measuring such skills in 2012.
Via MTI; Featured Image: Pixabay