Most kids tend to believe that money grows on trees, until they must start paying for things themselves. It can often be a hard lesson to learn, but last month 30 Pasifika students from three South Auckland schools had a crash course in one of the most important parts of finance: insurance
The special initiative was organised by the Young Enterprise Trust and the ICNZ as part of New Zealand Money Week, to help improve financial literacy among Maori and Pasifika in New Zealand.
With the help of a few insurance company representatives, including AA Insurance, the kids took part in a one-day workshop to learn about insurance matters through an education software called Banqer.
The platform mimics every day banking and insurance systems, creating a virtual classroom economy. Using the Banqer software, the students could purchase properties, apply for home insurance, work out their Sum Insured amount and manage their payments – just like their parents might do at home.
There was plenty of competition for spot prizes, but no one went home empty handed; this year AA Insurance provided bright yellow drink bottles for every student who participated in the event.