FPA’s partnership with Banqer to boost financial literacy in schools
The Financial Planning Association of Australia (FPA) has launched a partnership with Banqer, an online interactive learning tool designed to assist teaching financial literacy and help boost motivation in primary school classrooms.
Schools introduced to Banqer by FPA members will have access to the online program, as well as qualified support from a financial planner. 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.
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.
FPA CEO Dante De Gori CFP® said the partnership with Banqer aims to equip young people with 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. Each student is given their own bank account, where they can transfer money, set up automatic payments and track their spending.
“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.
“By supporting the adoption of programs like Banqer in our schools the FPA and our members can help kids learn about money in a practical way at an early age. This will give them the foundation to make the right financial decisions later on in life.”
Christchurch-based Banqer was launched in early 2015 by its cofounder, software developer and former accountant Kendall Flutey, and is used by more than 40,000 students from 550 schools in New Zealand. As Australia has more than two million primary school students, Ms Flutey has decided to expand the business to Sydney to tap the growing market across the Tasman.
In addition to its partnership with the FPA, Banqer is championed by Netwealth, and is aligned with ASIC’s National Financial Literacy Strategy and curriculum.
FPA members who would like to refer a school to take part in the Banqer program should visit www.banqer.com.au/fpa