Join Liz Phelan from Banqer who will discuss financial literacy and capability, exploring the current state of financial literacy in Australia and how we can contribute to improving it.

4. www.banqer.com.au
Preparing Kids for Their
Financial Futures

5. ● Introductions
● The importance of starting young
● What is financial literacy? What is financial capability?
● The current state of things
● Building the foundation
● Creating opportunities for kids to experience & learn
● Developing digital money skills
● Full transparency
● Encouraging financial responsibility
www.banqer.com.au
Let’s talk about kids & money

6. www.banqer.com.au
Banqer CEO
(Ex-accountant,
Software developer)
Liz Phelan
Aus Ops & Sales
Marc McHardy
Design Lead
Micah Hocquard
Pedagogy Lead
Introductions

7. www.banqer.com.au
When to start?
“Development and integration of financial
habits and attitudes begin very early and
probably before a child turns 7”
Cambridge University & OCED Report

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Let’s go beyond financial literacy, to financial capability
Step one: literacy
Step two:
experience
Step
three:
behaviours
Acquiring
knowledge
Applying
knowledge
Deriving
outcomes

9. www.banqer.com.au

10. Building the foundation
TALK to your kids about money
EXPLAIN your decisions
INTRODUCE concepts,
particularly digital payment
DON’T LIE!!
www.banqer.com.au

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Creating opportunities for kids to experience & learn
Preschoolers:
Spend, save, share
‘Family jar’
Book: Bunny Money by Lacey
White

12. www.banqer.com.au
You’ve Got Help
Spriggy
● App with linked debit card
● Ages 6-17
● Tracks spending
● Savings goals
● Ability to practice personal
finances (real experience)
● Makes it easy for parents
● Costs $30/child/year
● Promo code: BANQER

13. www.banqer.com.au
Developing digital money skills
● Modern day pocket money
● Child & parent accounts are
linked
● Not linked to bank account
● Child can follow friends
● ‘Cash out’ is external to app
● Education by experience only
● Forever free on app store

14. Full Transparency
Open spreadsheet with all monthly
expenses
Include total income and get them to do
the maths
“A Critically Compassionate Approach to
Financial Literacy”
ASIC MoneySmart resources
www.banqer.com.au

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16. Developing financial responsibility
Weekly budget to manage - don’t save them if they blow it early
Continue to add more financial responsibilities
PocketBook will help them to track their spending and manage their
budget
By 17 they should be managing all the expense attributed to them
Encourage them to get a part time job - they build resilience, important
skills and connections
www.banqer.com.au

17. www.banqer.com.au
Banqer
● Online financial education
platform
● Simulates an economy in the
classroom
● Primary & middle schools
● Relevant way to teach
● Motivation and behaviour
management

18. Term one:
Term two:
Term three:
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Term four:
Student’s go on a financial journey in their classroom economy
Bank accounts
Earning income for contributions, behaviour, classroom jobs
Paying classroom expenses such as renting school desks
Earn interest
Pay tax
Take out a personal loan & utilise overdrafts
Purchase real estate
Take out insurance
Understand credit scores
Start companies
Retire and unlock Superannuation
Complete test showing financial literacy development

19. www.banqer.com.au