Financial Literacy in Rūma Ono

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

Each of the students have their own bank accounts in where they're paid $719.31 per week. This represents the approximate average NZ weekly net income (after a minimum contribution to KiwiSaver). However, it's not all good news, they are each charged $375 per week in rent for the use of the school buildings, desks, tote trays, electricity, devices and other learning resources.

After just one week net worth in Room 6 is just over $44,000 and students have their own Banqer accounts and logins.

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, career options, salaries and further teaching and modules this year could include KiwiSaver, retirement planning, , property investment, 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 can be used as a reward system in our class where additional 'bonus' payments are made to students who are doing awesome things at school. It can also be 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, dun dun DUN.

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. :-)