MNB Retail Campaign Focuses on Financial Health

The National Bank of Hungary (MNB) is focusing its retail campaign on financial health to help households create a more stable financial situation for themselves, the bank told MTI on Wednesday.

Financial health does not depend solely on the financial situation, planning, developing money management habits and exploiting savings opportunities can all help, the ministry stressed. The campaign is also justified, according to the central bank, because only 18 percent of Hungarians make a plan to manage their spending and income, according to a survey last year.

The first and most important step is planning, according to the statement, which is why the MNB's Financial Navigator Household Budget Calculator helps you keep track of your income and expenditure. The central bank also supports households with practical advice and information materials. In particular, it is recommended to filter out money-sucking items, as even small changes in daily spending can result in significant savings.

Those who are repaying loans should explore their options for loan replacement with the free loan and lease selection tool, but reviewing bank account contracts, telecoms subscriptions, car and home insurance can also bring significant savings.

Those who have savings can also count on tax relief, with significant income tax rebates available on voluntary fund or pension savings contributions, they added.

MNB is confident that households will also pay attention to their financial health as they make New Year's resolutions. The central bank's initiatives to help people keep their resolutions can help them save, prepare for the holidays, and start school, the statement said.