Virtual Classroom Economy to Get Real Lessons on Insurance
If you ask a 12 year old whether they want to spend money to insure their mobile device, the answer is likely to be no.
But with the Insurance Council of New Zealand teaming up with Banqer, the award-winning creators of an online tool that turns the classroom into a virtual economy, pre-teens around the
country could start thinking seriously about how best to manage their financial risks.
The Insurance Council and Banqer today announced a partnership that will result in the development of an educational
insurance module and resources that are expected to be launched in July 2015, in time for Term 3.
Banqer is a young Wellington-based company that has developed a practical way of introducing 8 to 12 year olds to the
world of personal finances by creating a virtual classroom economy, with students having control over their personal
classroom finances.
“The Banqer interactive platform is a fun way for young Kiwis to learn about financial issues and we’re delighted with
the potential our partnership has to help young New Zealanders better understand risk, how insurance contributes to the
economy and the important role it plays in their daily lives,” says Insurance Council Chief Executive Tim Grafton.
The Banqer online platform includes a hub which not only houses resources to help guide a teacher but also links back to
the Ministry of Education’s recently released Financial Capability Progressions, so is aligned with the education
curriculum.
Banquer Co-Founder Kendall Flutey says: “Our interactive, online platform is very much like online banking which makes
it extremely practical when introducing children to the wonders of interacting with money. Teachers can also motivate
children by offering rewards and expensing them, helping students learn valuable life skills in the process.”
“With Banqer the teacher can guide students through the concepts of earning interest, paying tax, and very soon through
our partnership with the Insurance Council, managing risks and insuring their personal assets,” says Flutey. “I’m really
excited to be partnering with an organisation that can offer so much technical expertise, ensuring that what we are
teaching is relevant and appropriate for helping children understand risk and insurance.”
The Banqer online tool was originally targeted at 8 to 12-year-olds, but some high schools have also signed up for the
Banqer service after it was launched earlier this year. Banqer recently won the 2015 BNZ Start-up Alley competition over
five other start-up companies, as a part of this year's Webstock technology conference.
Mr Grafton says: “This partnership with Banqer is another exciting initiative in our 3-year strategy to improve
insurance literacy, a strategy that kicked off last year with the establishment of an insurance education website Are You Covered?, our partnership with the Young Enterprise Trust to develop financial education teaching and student resources and the annual Excellence in Insurance Journalism Award we offer jointly with Competenz.”
ENDS