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Insurers develop risk knowledge in Pasifika schools

Insurers develop risk knowledge in Pasifika schools

Pasifika students in South Auckland this week will be the first in the country to feel first hand the effects of a volcanic eruption.

This week is Money Week and the Insurance Council of New Zealand is kicking off Insurance Day on Tuesday 1 September by launching an interactive online tool so students can learn about risk management and insurance.

One in six NZ students does not reach the baseline of proficiency in financial literacy and nearly half of this group (44%) identify as Pasifika. Insurance take-up among Pasifika is also relatively low. Tim Grafton, Insurance Council Chief Executive says “the week is about raising awareness and increasing discussion about financial capability. ICNZ wants to do more to improve the financial literacy of the Pasifika community and particularly with respect to insurance.”

Students from Kedgely Intermediate, Ferguson Intermediate, Robertson Road and St John The Evangelist School will be coming together at the Pacific Business Trust to work in teams on simulations of natural disasters that teach them basic concepts about finance and insurance. Young Enterprise Trust will facilitiate the day and start-up financial education provider Banqer will launch the insurance module of their software programme.

Wellington based startup Banqer is an online platform that enables the teaching of financial education in the primary and secondary classroom. Children have their own bank accounts, and online login, and through the use of a classroom currency system get first-hand understanding of what it means to be in charge of your own personal finances.

Teachers are in control of the students' learning experience within Banqer as they enable modules, allowing students to explore differing levels of involvement with their finances, and differing levels of complexity. Current modules include Accounts, Income, Interest, Tax, and Real Estate, with the Insurance module the latest addition.

ENDS


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