Bank teaches school kids how to save

 WESTPAC Bank has rolled out its popular financial literacy programme, particularly its Money Basics workshops to schools in the National Capital District to familiarise schoolchildren on money management.

Head of retail banking Adam Downie, said: “Money can be a strange concept and Westpac understands that teaching children at an early age on how to use money properly is a vital part of their education in which they will keep in mind for the rest of their lives.

“Teaching children about the importance of prudent money management will ensure they are equipped with the tools essential for budgeting, saving and spending. 

“This will help them guard against running into any financial issues as adults.”

In a recent visit to Ted Diro and Hohola Demonstration Primary schools, a great deal of interest was shown by students, who thanked Westpac for the visit. 

Many students agreed that these fundamental financial and life skills will serve them through to adulthood.

Grade 8 teacher Leanne Luvi, from Hohola Demonstration Primary school, said:  “It was a very educational workshop and we as teachers and parents are very happy that this will now boost the morale of children to have a fair idea on how to save, budget and generate money.”

Grade 8 student Jason Bani said he now knows how to save and budget whatever little money that he might have. 

He said from his K5 lunch money, he would start to save K2. 

He’s excited that by the end of the year, he would have enough money to pay for his own school uniform and school stationery. 

Ted Diro Primary School principal Hane Charlie applauded the bank’s visit, saying the programme was vital in primary schools as it helped students to understand the basic concepts of managing and budgeting money. 

She urged Westpac to continue visiting other schools in NCD as this initiative was the first of its kind from a financial institution like Westpac to take time out educating students about basic money management.

In addition to the workshop, Westpac staff helped more than 167 students set up their own Choice Basic accounts. 

The Choice Basic account is a product that encourages savings by only charging a fee when money is transacted out, otherwise no other fee applies.