August 24, 2017
Understanding how to manage money wisely is an important life skill most people don’t start to learn until they leave school and enter the workforce.
But 40 Kingaroy State High School students are getting an early start on the path to being financially savvy, thanks to an online game.
The students have enrolled in the Suncorp ESSI Money Challenge under the watchful eye of teacher Damien Nicholson.
The Year 9 business students play the game on desktops, laptops, tablets and mobiles as part of their assessment outside normal classes.
The game was developed seven years ago by the Financial Basics Foundation, which surveyed 1100 secondary school students and found most of them were confused about using credit cards.
The survey disclosed most students believed they could use credit wisely, but in reality had little understanding about credit and paying interest.
CEO Katrina Birch said the tap-and-go world of invisible money created an enormous temptation to spend.
“It’s never been more important to teach young people how to earn, save, spend and invest money wisely,” Ms Birch said.
“Living in a cashless society means there are few barriers to spending. Although the students we surveyed were under 18 and would not have a credit card, many would buy games on their devices or use a mobile phone without fully understanding how they’re paid for.”
Ms Birch said the online game uses virtual reality to simulate a six month period where the students can safely put their money management skills to the test and compete with classmates and other students around Australia.
“They experience what it’s like to have a job, earn a wage, pay tax, get a credit card, invest in shares and possibly even go bankrupt,” she said.
“The simulation gives them an understanding of the consequences of making good or bad financial decisions.”
More than 34,000 students have participated in the challenge since it started in 2010.
And from August 21 to September 1, the students will also be able to compete against one another for the chance to win $1000 deposited into a Suncorp Kids Savings account for themselves and $4000 for their school.
More information about the ESSI program can be found on the Financial Basics website.
