The global economic crisis in 2008 highlighted that there is an information assymetry between the financial service providers and consumers, furthermore given the vulnerability of the consumers there is a need for immediate actions to protect the latter. Financial consumer protection has come to the fore, which is a relatively new area of law, however by now has fought for a highly significant role for itself and its importance is growing day by day.

Unforunately, however, the financial culture of the Hungarian population is extremely low. This carries significant risks, since citizens with lower financial literacy tend to be less active in the economic life and and they make decisions that are clearly unfavorable to them en masse, therefore the development of a financial culture is essential.

In my opinion, financial awareness can be developed primarily through the transfer and dissemination of knowledge about financial literacy, in other words the most effective way is through education. Education should be aimed primarily at the youngest generations and the main emphasis should be on educating children, since they are extremely receptive to the acquisition of new knowledge and will have the most outstanding impact on the future. If the education of financial awareness begins at a very young age, by the time these children grow up, they will routinely make conscious financial decisions, therefore the next generation can grow up to be able to “handle money” properly.