K&H: big results for little money
Who would have thought that students could save a lot of money from their pocket money by just putting aside a few thousand forints a month? According to K&H, it’s child’s play: all it takes is a little regularity, and in a few years you can have enough money for a cool laptop, an electric bike, or even a dream trip.
Developing financial awareness at a young age is one of the best investments in the future. Whether it’s a small or large child, saving even a few thousand forints a month can bring serious results in the long run. This is what K&H’s Vigyázz, széll, pénz! financial competition for students, which has reached its anniversary, fifteenth season this year, draws attention to.
Small amount, but big interest
For example, if a student puts aside 2 thousand forints every month, and the parents also provide an annual interest rate of 5 percent, their savings can exceed 106 thousand forints in four years. But if someone thinks in a bigger way and puts aside 10 thousand forints a month, they will be richer by more than 531 thousand forints after four years.
“With a little awareness, by taking advantage of the miracle of compound interest, savings can grow at an incredible rate, as savings grow not only on the money set aside, but also on previous interest,”
– emphasized Nóra Horváth Magyary Voljč, K&H Group’s communications executive director, adding: “young people must be encouraged to take small steps towards their big goals. A few thousand forints a month is enough to make their future more secure.”
Let’s start small, learn big
“Children’s social learning is key: what they see from their parents and teachers shapes their financial habits,”
– added Eszter Hergár, head of the Money Museum under the supervision of the Hungarian National Bank (MNB). He added:
“parents and partly kindergarten teachers have a very important role in laying the foundation for later financial awareness and developing financial personality in a playful way, even in kindergarten and primary school. From the age of 8-9, dealing with basic financial knowledge can even be incorporated into the students’ knowledge base as part of the curriculum.”
Related news
An 11 percent increase in wealth sounds good, but according to Blochamps, it’s only the happiness of a narrow elite
According to Blochamps Capital, the central bank’s recent report is…
Read more >The health fund can also help with starting school
Health and mutual aid funds can also reduce families’ school…
Read more >MNB: central bank launches new tool to help compare banking fees
Based on an agreement between the Hungarian National Bank and…
Read more >Related news
GVH: margin reduction reduced prices, OKSZ disputes the effect
According to the Hungarian Competition Authority (GVH), the margin cap…
Read more >OKSZ has spoken out regarding the extension of the margin freeze
Viktor Orbán announced the extension of the margin freeze. The…
Read more >The government has extended the margin freeze
Viktor Orbán announced in the Facebook group Harcosok Klubja that…
Read more >