Combining digital tools with live training for a powerful financial literacy training program at OTP Bank

Ildikó Csejtei, Managing Director, OTP Fáy András Foundation, talks about the impressive program they have put together that is teaching financial literacy to Hungarian kids.  

OTP Fáy András Foundation was established in 1992 by OTP Bank with the aim to develop the financial competencies of young generations. It is important to note that although the Foundation is financially promoted by OTP Bank, it operates totally independently from the bank both professionally and organizationally. As a public benefit purpose entity, the Foundation offers its financial literacy program and other educational services free to students, schools and non-profit organizations.

Why did you decide to launch a financial literacy program? Is this something that was missing from the school curriculum?

Several studies and assessments including the PISA test have concluded that Hungarian students’ level of finlit competencies or their ability to apply them are inadequate. Since these competencies nowadays are indispensable, OTP Fáy András Foundation focuses on developing economic and management skills, career orientation and raising financial awareness of children and teenagers aged 7-18. 

The Foundation’s training methodology is experience- and game-based pedagogy including project-based education, edutainment, gamification, the “flow-theory” of Mihály Csíkszentmihályi and the Montessori approach. This gap-filling methodology and unique knowledge transfer meet the needs of the young generation by teaching financial literacy in an interactive and engaging way. 

Besides the live training sessions held in the Foundation’s high-tech inspirational education centers we offer digital educational content as well in the form of interactive streams, webinars, e-learning and video courses and a financial edu-app to make our program more complex. The diverse educational content is segmented by age groups providing the appropriate level of knowledge to every student. 

Can you tell me more about this Moneytainment Box complex training tool you use for the program? What’s in it?

OTP Fáy András Foundation has developed financial educational products such as Banking and OK Moneytainment Box to support children’s problem-solving skills, creative thinking, and team work. These unique products are tailored to match the learning goals of the Foundation’s financial education program. Banking is a card game for families and children designed to practice the basics of economy. 

OK Moneytainment Box is an educational innovation for teachers and trainers to teach everyday financial concepts and strengthen modern competencies for children aged 6 to 12.  The lessons contained in the Box efficiently transfer important financial knowledge in an exciting and competitive way to help children prepare for financial challenges they might come across during their teenage or early adult years. The exercises related to the individual lessons offer a wide range of financial topics from income and expenses through family budgeting to responsible money handling.

The box contains a comprehensive teachers’ manual that helps plan the curriculum, conduct the exercises, explain and understand the concepts and acquired knowledge. 

For more detailed information on Moneytainment Box please visit http://finlitedu.com/okm_box