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Hungarians Feel Rather Uninformed About Financial Affairs, Survey Reveals

By Tamás Székely // 2015.10.27.

Hungarians consider themselves relatively uninformed as regards to financial affairs, but consult several sources when it comes to finding investment options, a survey conducted jointly by CIB Bank and the GfK research institute showed. The two firms conducted the research by asking online 500 people in the 25-69 age group who use the internet on a weekly basis. Half of the respondents stated about average personal knowledge of financial affairs whereas only 33% said their knowledge was better than average, according to the survey.

The survey indicated that Hungarians are relatively poorly informed about investment funds with only 9% of the respondents declaring good relevant knowledge. On this subject, 45% stated average knowledge and 46% practically no knowledge at all. The survey pointed out correlation with the fact that only 8% of the respondents said they had invested in funds. Asked about the possibility of investing five million forints (EUR 16,000), 35% chose property, 30% preferred state bonds, 18% precious metals and 17% a current account with a bank. Investment funds came last, with only 12% selecting that option, mostly in hope of high yields.

Most people said the greatest attraction of investing in property, state bonds and precious metals was capital safety, whereas the attraction of keeping money in a bank account is easy access to savings. The survey said it was a positive factor that people consult a multitude or sources for information. Most of them, 32% consult bank experts, 30% visit the homepage of banks or read relevant newspapers or blogs whereas 20% turn to family members and friends for advice, it said.

via and MTI photo: Budapest streetview around 1894 with the headquarters of one of the leading commercial banks of the age in the background (