Online banking platform teaches schoolchildren about money

Banquer is an educational banking platform, which uses virtual currency to teach school kids about interest rates, tax, and other real-world financial situations.

Understanding financial transactions in a digital world can be tricky — we’ve recently saw smart piggy banks help facilitate financial education for children. Now, also from New Zealand, Banquer is teaching school kids how modern banking works.

Banquer is an online banking platform used to educate classrooms about economics. The students earn virtual currency by completing modules that teach them about banking and financial transactions, as well as by completing any other real tasks the teacher sets for them. Banquer provides guides to help teachers plan lessons based on real-world financial contexts, such as real estate pricing and insurance. As students progress, their savings can receive interest, helping them understand interest rates. They also learn responsibility — their savings become liable to taxation, and the program explains why taxes are necessary. Schools or households can sign up from NZD 2 per student.

Can commercial banks sponsor their own versions of this program?