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Participants of the Erste Financial Patron Program visited the Money Museum

Participants of the Erste Financial Patron Program visited the Money Museum

14. September 2023.
Erste

The Money Compass Foundation has also joined the Financial Patron Program of Erste, which aims to improve the financial and social skills of disadvantaged children. About eighty children living in foster homes and twenty educators arrived on June 28 at the Money Museum, where many programs awaited them.

In addition to the guided tour, they not only watched the award-winning film The Legend of the Gold Train, but also participated in the student activities the Money Compass Foundation prepared for them. They could solve the puzzles of the MoneyTours financial adventure, which was developed by the Money Compass Foundation, and the open-air game Money Run. The participants also had the opportunity to talk with Zsigmond Jarai, who is both a former governor of the Central Bank of Hungary and a former Minister of Finance.

Eszter Hergár, the director of the Money Museum, Chairman of the Board of Trustees of the Money Compass Foundation and Director of Social Relations of the Central Bank of Hungary (MNB) emphasized: "Young people's financial awareness is constantly improving. More and more people are familiar with the basic concepts and plan their finances. But for the improvement to last, further efforts are needed in the field of education."

This year, Erste launched its Financial Patron Program together with its civil partners, which aims to improve the financial and social skills of children in state care and to support marginalized families where at least one parent was raised in an orphanage. In the program, primary training and assistance is given to those who raise the children in state care to ensure that they are able to properly transfer financial knowledge to the ones they raise.

In addition to getting to know the basic concepts (bank account and bank card usage, thrift, credit, personal budget), the goal is to break down existing fears and build knowledge related to finances. Setting goals, thinking about the way to reach said goals, career planning and learning basic knowledge about starting a business are also important elements.

The program is constantly being expanded. The aim of the participants is to develop a form of training based on current, existing foundations, which, for the first time in the world, aids caregivers and social workers working with children who have intellectual disabilities to pass on financial literacy.

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