12 August 2022 at 11:00 am
PIF Recipient: Financial education platform for secondary schools
Kiwi tech start-up Banqer is on a mission to empower the next generation of young people with the financial skills to thrive. And thanks to an award of international education innovation funding from Education New Zealand Manapou ki te Ao (ENZ) – the government agency for international education – Banqer's mission to change the world for the better has received a helping hand.
Founded in 2015, Banqer set out to tackle the global challenge of financial illiteracy. The team knew that school students were missing out on practical and engaging financial education, partly from a lack of curriculum-aligned resources, and partly from time-poor schools and teachers struggling to deliver financial education on top of everything else.
Research shows that 75% of us believe schools aren’t doing enough to combat financial illiteracy, and with financial education widely seen as a ‘circuit breaker’ for intergenerational inequality, something needed to change. That’s where Banqer’s award-winning platform came in. Through an online simulation, Banqer introduces students – from primary school through to secondary – to financial concepts like budgeting, savings, careers, insurance, renting, home ownership and investment.
"We've seen firsthand the engagement and impact that Banqer creates in New Zealand secondary school classes, and are excited to take this to the world with the support of Education New Zealand,' said Kendall Flutey, Co-Founder and CEO of Banqer
A step-change from textbooks or written resources of the past, Banqer helps students learn by doing. Learners explore their own simulative economy where they create fictitious bank accounts, earn income, pay expenses, invest, insure, budget and more.
Banqer is one of the recipients of the International Education Product Innovation Fund – an initiative funded by the New Zealand Government’s Covid Response and Recovery Fund and managed by ENZ, New Zealand’s dedicated agency for international education.
With Banqer’s platform already widely used by schools across New Zealand, the company is looking to scale up its impact and innovation to create financial empowerment for more learners around the world.
Support from the Product Innovation Fund will help the company scale Banqer High (its platform for secondary school learners) across Australia and validate new markets, including in North America. The funding will also help develop Banqer Beyond, a new product which aims to bring Banqer’s financial education to a broader audience beyond schools, which could include workplaces, community settings, or direct to consumers.
Banqer was a natural fit for the Product Innovation Fund, which is supporting seven pilot projects that deliver new, meaningful and unique learning experiences from New Zealand to the world. These pilots reimagine what a New Zealand education experience can look like and mean for global learners.
From New Zealand to the world, Banqer’s technology is setting learners on track for better financial futures. And thanks to the partnership between Banqer and ENZ, the stage is set for this New Zealand-built product to have an even greater impact around the world, delivering financial education and empowerment to learners wherever they are.
More information:
Learn more about Banqer.
