Financial education in The Hub

By Sean Minhinnick | Posted: Thursday March 12, 2020

In The Hub we're using Banqer to inspire our students to be knowledgeable, curious, creative, and confident with their money.

Each of our students has their own bank account in The Hub where they're paid $775 per week. This represents the approximate average NZ weekly net income (after KiwiSaver and student loans too). However, it's not all good news, they are each charged $350 per week in rent for the use of the school buildings and resources.

So far The Hub net worth is almost $112,000.

Interest is available for those students who manage their money well and use the savings accounts and term deposits that are available to each of them. 

So far this initiative has been hugely popular and an extremely valuable teaching tool. The students are learning abut the cost of living, interest, managing money and further teaching and modules this year could include KiwiSaver, retirement planning, insurances and mortgages.

Our students also have the option to make charitable donations that will help Banqer determine what amount of real money they will actually donate to the available Kiwi charities.

Banqer is being used as a reward system in The Hub where additional 'bonus' payments are made to students who are doing awesome things at school. It is also being used as a fine system for some who may not prepared for their lessons, leave uniforms lying around or simply for not meeting the standards set by us in The Hub or the wider school.

The goal is for students to save and earn as much interest as possible for our class auction at the end of the year. This will be their opportunity to convert 'Banqer bucks" into real treats, prizes and experiences. The more money a student has, the more likely they will be able to secure the item or items they want in the auction.

Talk to your child about it. :-)

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