10 July 2020
Utilising opportunities offered by modern technology, the Magyar Nemzeti Bank plans to introduce a savings application jointly with the Money Compass Foundation, which will target primary school pupils aiming to develop their financial literacy. Its first phase is scheduled to be launched this autumn. Using the MNB Digital Student Safe mobile application, by answering entertaining quiz questions in the areas of finance and sustainability, students can gather and swap savings items, which can be redeemed for gifts during specific times within the school year.
At the end of February, the Magyar Nemzeti Bank’s Digitalization and FinTech Advisory Board already examined the possibility of introducing a savings and financial educational tool targeting younger age groups. Entering the implementation stage, the MNB Digital Student Safe project, developed jointly with the Money Compass Foundation, is going to be launched in the autumn of 2020.
The MNB Digital Student Safe mobile application targets the age group of primary school pupils. The pilot phase of the project currently targets only a limited group of 45 educational institutions from all the counties in Hungary and in Budapest. The participating pupils of 8-14 years of age solve entertaining quiz questions in the areas of finance and sustainability and collect digital savings items (e.g. Digital Gold Coins, Green Coins, Digital Savings Stamps). Through the application, digital items can be swapped, and later, during the school year, in periods, specified beforehand, collected digital items may be redeemed for gifts.
The introduction of the MNB Digital Student Safe application is especially warranted, as according to the latest studies the financial safety and vulnerability of families is closely related to the adoption of certain financial behaviours: these include creating a family budgetary plan, financial planning and regular savings activity. In addition to family patterns, these forms of behaviour and skills, capable of reducing financial vulnerability, may be strengthened by such awareness-raising and educational programmes, like this specific mobile application to be introduced in the autumn.
In later stages of the joint project in cooperation with the Money Compass Foundation, additional features will be added to the MNB Digital Student Safe mobile application, while involving an increasing number of primary school pupils.
MAGYAR NEMZETI BANK