Students learn about key concepts at Insurance Day
Insurance Day is sponsored by the Insurance Council of New Zealand (ICNZ) as part of Money Week; a week which helps build the financial capability of New Zealanders of all ages through activities, events, workshops and seminars throughout the week.
This year, forty Auckland students were lucky enough to be mentored by the insurance experts of eight different insurance companies including AA, AIG, FMG, IAG, Latitude, QBE, Tower and Vero. This one-on-one guidance during activities provided immense value to the students as they were able to fully comprehend and therefore engage throughout the entire day.
The Insurance Council of New Zealand also attended, along with fellow sponsors The Ministry of Pacific Peoples. Underinsurance is a growing issue facing Pacific minorities in New Zealand. The main aim of Insurance Day was that the key information students took away from the event will start discussions between those students and their family members regarding insurance.
At the start of the day the students were split into ten teams of four. “I enjoyed watching how our students were able to respond and collaborate with the students from other schools,” said Paula Sadgrove from Glen Taylor School. “I could see their confidence grow over the course of the day.”
During the day, students used an online tool called Banqer – a website that gives students a simulated bank account to help them learn key financial concepts and life skills such as paying taxes, buying houses, and earning interest.
At the end of the day the students put their ideas down on a poster and presented it to the judges. The posters captured what they’d learned and a key message about insurance that they took away from the day.
The end of day feedback received from the teachers was extremely positive.
“I hoped that they were able to share some of their learning and understanding with their families,” said Sandy Lagitupu from Pt England School. “I also hope that they will remember some of these key ideas which might help them make sound financial decisions in the future.”
“The students loved the programme and spoke with great enthusiasm about being able to share their ideas back to the whole group at the end of the day,” said Paula. “They were made to feel their ideas and input was valued and that's huge for our kids. It breeds motivation for learning!”