Outcome-driven financial education
Equifax has sponsored and assisted Banqer to develop a credit model as part of their popular simulated banking tool for children. Used by more than 30,000 New Zealand students, the Banqer tool brings financial literacy education to life in classrooms.
The module teaches students about credit reports, credit scores and creditworthiness in a fun and interactive way. Students are able to take out simulated personal loans and discover the impact that negative repayment, such as missing a bill payment, may have on their credit score. They also learn the importance of positive behaviours, such as timely payment, for increasing credit scores and how this positive behaviour works to improve their scores over time.
There is hope the Banqer credit module will have a substantial impact on improving the financial literacy and capability of our young people. Allowing students to see the real-life implications of their financial decisions from an early age is essential to building a financially literate future generation. The credit module has recently been translated into te reo Māori and will be piloted in selected schools at the end of 2018.
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