Kiwi Kids Learning to Live Their Financial Best

November 05, 2023

Educating school students about money and building financial understanding not only equips them with essential skills and confidence to navigate life’s journey, but can underpin the financial wellbeing of a nation.

In New Zealand, credit scores and the role they play in accessing credit is not widely known among consumers. However, a partnership between Equifax and financial education platform, Banqer, is working to change that. 

Banqer started with a vision to teach one student about money and is now on a mission to prepare the next generation for their financial future. The innovative online platform builds financial literacy and knowledge through experiential learning. In a simulated and fun environment, students learn about income (even having jobs around school to earn Banqer money), expenses, savings and credit accounts, debt, tax and insurance. 

 

 

Equifax first partnered with Banqer in 2017 and since then we’ve helped educate nearly 245,000 Kiwi kids across 2,103 schools about credit scores. Our partnership helps provide schools with free access to the Banqer Primary platform (in conjunction with other partners). We also built a credit score module to help students learn what a credit score is, how their financial behavior impacts their credit report and to set goals to improve their score over time. In Q2 2023 the average credit score for students was 643 and 1,469 students earned the Credit Score Superstar achievement, with a credit score of more than 900. 

 

 

“Understanding how to manage your money is one of the core pillars of life success and there are some simple things that Banqer teaches kids how to do really well. The lessons learned about credit, what a credit score is and how to manage it reach beyond the classroom, as students share information with their families. In this way, the program creates greater financial awareness in the local community and sets up both the younger and older generations for financial success.”

- Angus Luffman, Managing Director Equifax New Zealand 

 

 

Setting the younger generation up for financial success later in life is core to our purpose of helping people live their financial best. Learn more about our financial inclusion efforts at equifax.com/financialinclusion.

“Banqer is on a mission to prepare the next generation for their financial futures. Thanks to the support of companies like Equifax, and their expertise on essential financial concepts such as credit reporting, we’re able to equip tamariki and their whānau with the knowledge required to build their financial capabilities. Through our partnership with Equifax we have access to experts, meaning we’re able to continually enhance our pedagogical approach within Banqer’s immersive learning environment, ensuring our content remains relevant and impactful for our students. We’re proud to be aligned with an organization that values financial inclusion and look forward to what we’ll achieve together.”

- Simon Brown, Co-CEO, Banqer

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