ASB Bank: Kids opting for online

Each year Canstar researches and rates the products and eudcational offerings available from our financial insitutions for young Kiwis under the age of 12.With terrific products and terrific functionality and services, ASB has taken the 2016 Bank of the Year Award for Junior Banking.

Canstar caught up with the ASB team to find out more about what kids want – as well as some useful savings tips.

Q: School banking is an enduring tradition. Is it still popular?

A: School banking is definitely still a key element of kids banking, with parents realising that kids engage better with something that is tangible.  However that said, we are seeing more and more parents opt for the simplicity of our digital channels and automatic payments

Q: Can you tell us more about your GetWise programme?

A: ASB GetWise was initiated in 2010. Some of the topics covered include;

  • Identifying money (notes, coins and electronic money)
  • identification and prioritisation of needs and wants
  • saving money (places to save, setting simple savings goals and basic budgeting)
  • diversification of savings (i.e. spend, save, and share jars)
  • earning money (from chores through to small business and first jobs – along with associated costs, i.e. tax)
  • interest (earning and paying interest)
  • comparative shopping

We have a full rundown online of the specific detail of topics covered in each workshop.

During the month of April all teachers assessed rated our programme an average of 3.9 (out of 4) when asked ‘Were the students engaged in the workshop?’ 100% of those teachers also either ‘Agreed’ or ‘Strongly Agreed’ that the students enjoyed the programme and would recommend the programme to other teachers and schools.

ASB GetWise was also independently evaluated by the New Zealand Council for Educational Research (NZCER) in 2013 which reinforced the impact of the programme. Some of the results included the following:

  • Most students (> 90%) claim they learned something new in the workshop.
  • 96% of teachers agreed that student knowledge had increased due to ASB GetWise (70% agreed strongly) and the programme motivates students to learn more.
  • 85% of Y5/6 and 88% of Y7/8 students stated they could manage money better as a result of the programme.
  • 91% of teachers agree/strongly agree that the workshop motivated them to teach more financial literacy.

The students we deliver to in school every day love everything to do with money and take pride in sharing their personal connection with it (whether through savings they’ve already made or what they already know about it) or their ambitions for how they want to get a lot of it(!) and what they plan do with it once they have it.

Across the year levels there are many different aspects that they particularly enjoy – spending is almost always a highlight whether it’s learning some tricks on how to spend wisely and still be able to save money at the same time, to a fascination around the tools that are useful for managing money – whether it’s the mysteries of EFTPOS cards that their parents flash around or demonstrated creativity when they learn how they can proactively earn money right now. Probably the moment they most enjoy is when they are made aware that no matter who we are and where we come from being smart about money isn’t just about how much you have but the choices we make with what we’ve got that makes all the difference.

Q: Kids spend more time than ever online. How important is it to engage with them in this space?

A: Absolutely critical, but doing so in a way that remains tangible is the important balance. Kids learn better when all their senses are involved, and as such there is a danger that digitisation becomes too sterile and loses the interest of our target market.  ASB’s Clever Kash moneybox is a perfect example of how we are looking to tangiblise the intangible.

Q: What are the benefits for young kids in learning how to save money regularly?

A: This is a critical skill that will pay huge dividends when they become adults.  Saving is critical to avoiding financial stress as an adult, and builds financial disciplines around budgeting and the value of money.  You just have to look at what is happening in the first home buyer market to realise the importance of saving for our future generation.
CANSTAR congratulates ASB on winning the 2016 Award for Bank of the Year – Junior Banking.

Compare Junior & Youth Banking with Canstar

Compare Junior Banking savings and transaction accounts with the Canstar Award report, and see if you and your tweens can’t find an outstanding value option. Signing up for an account now could set them up well for a future of learning to manage money well.

Read Canstar's 2016 Junior and Youth Banking Awards report

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