New Zealand tech company, Banqer has partnered with Australian Netwealth to bring a financial literacy program to schools in Australia.
Banqer is an online platform that provides financial literacy and education in a classroom using engaging methods and a classroom currency, to help students understand the handling of personal finances.
Riding on the successful rollout of the program with 20,000 students in New Zealand, the literacy platform will be available to 15,000 students and 1,000 classrooms across Australia over the next one year.
According to the official statement of Netwealth, the financial coaching program will be used in classrooms to teach children about money and financial concepts like handling bank accounts, income, interest on savings, taxation, real estate, insurance, superannuation, and careers.
Students in grade 1 through 7 can create their own bank accounts and can transfer fake money, set up automatic payments, and track their spending. They can earn “money” or fictional currency by creating a bank account, complete classroom tasks, and pay taxes. Access to the literacy program costs school costs $2 per student, per term.
Chief Executive of Banqer, Kendall Flutey opines that such a program would significantly influence the financial environment in classrooms and educational settings. Flutey said,
It has been embraced by kids and teachers, but is also transcending geographical borders as we all start to understand financial literacy is a global challenge.
Joint managing director of Banqer, Matt Heine says that employing the same model as Banqer, Netwealth will enable, educate, and inspire people to see wealth differently and is an opportunity to start children on this journey. He stated,
We all want a brighter future for our kids, and that means making sure programs like Banqer get into our schools so kids can learn in a practical way, lifelong concepts about money. We are very proud to have brought this program to Australian kids.
After Australia, Banqer has plans to expand into the US market by next year.