An Approach to Understanding Financial Behavior in Three Different Age Groups

Kálmán, Botond Géza and Zéman, Zoltán and Potháczky Rácz, Irma and Malatyinszki, Szilárd and Németh, Erzsébet (2024) An Approach to Understanding Financial Behavior in Three Different Age Groups. JOURNAL OF INFRASTRUCTURE POLICY AND DEVELOPMENT, 8 (15). pp. 1-12. ISSN 2572-7923

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Abstract

A comprehensive survey was conducted in 2012 and 2020 to assess the financial culture of Hungarian higher education students. The findings revealed that financial training effectiveness had not improved over time. To address this, a conative examination of financial personality was initiated by the Financial Compass Foundation, which gathered over 40,000 responses from three distinct age groups: Children, high school students, and adults. The study identified key behavioral patterns, such as excessive spending and financial fragility, which were prominent across all age groups. These results informed Hungary’s seven-year strategy to enhance financial literacy and integrate economic education into the National Core Curriculum. The research is now expanding internationally with the aim of building a comparative database. The study’s main findings highlight the widespread need for improved financial education, with more than 80% of adults demonstrating risky financial behaviors. The implications of these findings suggest the importance of early financial education and tailored interventions to foster long-term financial stability. The international expansion of this research will allow for the examination of country-specific financial behaviors and provide data-driven recommendations for policy development.

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