New program aims to make children better with money

School children will be given access to fun financial literacy lessons under a program being led by the Financial Planning Association of Australia.

The FPA has unveiled a partnership with Banqer, an online interactive learning tool designed to assist teaching financial literacy. Schools introduced to Banqer by FPA members will have access to the online program, as well as qualified support from a financial planner.

“The FPA’s initiative with Banqer will enhance the way schools teach students from years 1 to 7 about the value and importance of money by exploring topics ranging from savings and interest to tax, real estate and insurance,” according to the FPA.

“The aim is to provide the program to 15,000 kids in local schools during 2017-18, allowing them to become curious, creative and, ultimately, confident with money. The Banqer program is currently available to Australian primary schools free of charge.”

Students can earn ‘classroom money’

FPA chief executive Dante De Gori said the partnership with Banqer would give students the skills they need to make smart and informed financial choices as adults.

Banqer’s simulated online banking gives students the opportunity to learn about the concepts of saving, investing, borrowing and purchasing, according to Mr De Gori.

“Each student is given their own bank account, where they can transfer money, set up automatic payments and track their spending,” he said.

“They can earn money through rewards for good behaviour and classroom jobs, and can spend their money in their classroom economy.

“For example, teachers can explore budgeting with their students as they learn valuable life skills by managing the rental of their desks and paying for class privileges. It’s fun, easy and can grow with the class.”

Banqer is aligned with ASIC’s National Financial Literacy Strategy and curriculum, according to the FPA.

FPA members who would like to refer a school to take part in the Banqer program should visit www.banqer.com.au/fpa.

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