Banks win accolades for educating kids on finance

by Maya Breen22 May 2017
Comparison site Canstar has recognised lenders who offer accounts for children and work in collaboration with schools to provide financial education, as part of its latest research into junior and youth banking.

ASB was awarded Canstar’s 2017 Junior Banking Award for the second year in a row for its school banking an educational programme plus offering Clever Kash, and the Savings Plus account.  

Canstar noted the bank’s 11 account managers supporting 729 participating primary and intermediate schools (roughly 35% of the applicable schools in New Zealand).

ASB also incentivises positive money and savings habits with weekly money collections and awards certificates to regular savers. 

Also for the second consecutive year, Canstar has awarded the Youth Banking Award to Westpac for its innovative approach to money management with millennials. 

It highlighted the bank’s Electronic Account which is essentially fee free to under 18s and students and the ease in managing accounts thanks to award-winning mobile apps such as Cash Nav, online, ATM and over the counter banking.

Westpac’s education programme includes money workshops across secondary and primary schools covering getting a job, insurance and Kiwisaver. 

Canstar general manager Jose George said, “OECD, recently said that the youth today exhibit lower levels of financial awareness than previous generations yet, post GFC the financial environment we live in is far more layered and complex than ever before.  

“Couple this with our desire to access everything in our lives, including money, in an instant, and the need for financial awareness becomes crucial if we are to make responsible life shaping financial decisions.

“It is commonly acknowledged that children are better at learning new skills and behaviours, so it makes sense to target younger generations, in order to grow more financially savvy adults.  In addition children tend to share their new found knowledge with parents and whanau, financial awareness ascend the generations."

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