Netwealth announces partnership with financial literacy start-up

In a statement released yesterday, Netwealth said it will be partnering with Banqer - a virtual financial literacy coaching program designed to be used in the classroom to teach kids about financial concepts like bank accounts, income, interest on savings, taxation, real estate, insurance, superannuation and careers.

Over the next 12 months, Netwealth will be funding the access of 15,000 students to the Banqer tool.

According to Netwealth joint managing director Matt Heine, supporting the program is a way for Netwealth to extend its wealth philosophy to Australian kids.

“Netwealth was created to provide investors and wealth professionals with a better way to invest, protect and manage their current and future wealth,” he said.

“We seek to enable, educate and inspire people to see wealth differently and to discover a brighter future. Banqer is a great opportunity for us to extend this purpose supporting a program that starts kids on this journey.”

More than 30,000 students from 450 schools in New Zealand currently use Banqer, as well as a handful of teachers in the UK, US, Canada and South Africa.

Banqer is currently being used by 28 schools in Australia, with plans to take it to the US this year.

“We all want a brighter future for our kids, and that means making sure programs like Banqer get into our schools so kids can learn in a practical way, life-long concepts about money,” said Mr Heine. “We are very proud to have brought this program to Australian kids.”

Yesterday, chair of the Australian Government Financial Literacy Board Paul Clitheroe rejected claims that not enough is being done to promote financial literacy in schools, saying there is "bucketloads" being done and advisers are not the best people to be teaching literacy to students.