***Updated***The Financial Planning Association (FPA) has partnered with online learning tool Banqer to further the financial literacy of children at the primary school level.
The Banqer program aims to teach young people about the “value and importance of money by exploring topics ranging from savings and interest to tax, real estate, and insurance”, according to a statement.
FPA chief executive Dante De Gori said the program is geared towards ensuring young people have the skills to make “smart and informed” financial decisions.
“Banqer’s simulated online banking gives students the opportunity to learn about the concepts of saving, investing, borrowing and purchasing,” he said.
“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.”
Mr De Gori also said programs such as Banqer would allow the association and its members to educate young people about their finances.
“This will give them the foundation to make the right financial decisions later on in life,” he said.
Students of schools who adopt Banqer will have access to the free program and receive support from a financial planner.
Correction: A previous version of this article mistakenly inferred that Banquer was "co-launched" by the FPA. It has been amended to clarify that the FPA is supporting the adoption of Banqer via a partnership agreement.
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