It is an ongoing skill to learn.
Have you ever heard of the terms savings, deposit, interest, withdrawal, and tax? These are all the terms that Room 4 is becoming familiar with.
Max and George reckon that it's fair and the students of Room 4 should be paying for their tote trays. $12 a week is not that much, especially when we are earning our own money from doing jobs. This will help us when we are older to have a better understanding of money.
Jack, Henry, and Finn say learning about financial literacy is important.
They describe their learning in their own words.
We have a bank account on Banqer. We have to pay for tote tray rent, wifi for Chromebooks, and internet for our class. We think it's fair having to pay for all these things because it is everyday life. We have been employed for jobs like tech ninja, chair monitor, and a lot more. We have discovered that interest is very important because interest gives us money for having money in the bank. We knew a little bit about money before Banqer, but now we know a lot more about money, like how you can earn interest, reading a bank account statement, and much more.
Leela, Kaley, Laura, and Savannah describe their learning process.
We learned a lot about finance and the cost of living. We did a lot on Banqer, like setting up automatic payments. We have to pay for power, internet, and tote tray hire. We also get to buy free time and stickers. We are learning about how much things cost at school. We found out that power alone was about $2,000 a month. Times that by 12 is $24,000 just on power. We can apply for jobs, most people have one job, and some have two. Doing financial literacy helps us in the future.
Grayson, Luka, and Matthew stated
We have started learning about financial literacy. We did research into expenses, insurance, and many more subjects. Our class uses Banqer to manage our money and expenses daily. We learned about employment and managing the cost of our transport. The entire class put some money into their savings account in order to receive interest on savings. We learned this is free money from the bank from having money in our savings account.
We pay for things like internet access, electricity usage, and tote tray rental. We set up many automatic payments so we do not accidentally forget to pay them on time. We think it is important to pay fees on time because it would be unfair to make the teacher and school pay for the classroom equipment.
Our class has been signing up for different jobs, like cleaning the tables, we also have been writing our CVs for the job, which Miss Nicholson has been accepting. We are getting enough money now from our classroom jobs to buy our own vehicles and insure them independently. We also learned what an insurance premium is and how to manage them. We are learning about the risk of not having insurance, just in case we or someone else crashes our car.
The class is still figuring out the difference between a deposit, withdrawal, and loan. One of the most important features of financial literacy is credit score; credit score decides whether you can get a loan or not.
Robert, Angus, and Jackson say Banqer is a helpful thing to us in learning about money and finance in Room 4.
This is how they describe the learning they have been doing in Banqer.
We are learning about saving money, renting transport, and insurance for that transport. Jackson likes learning about saving money because it is teaching him not to spend it all at the same time. I have to save for things that I want because they are only a want and not a need. Angus finds it helpful to learn about money because he did not know much about money until Banqer came in and helped. We did not know how much it costs to run a school. Robert says that he learned that saving is a very good thing and just spending all your money in one go is not such a good idea. In Room 4, we get employed to do jobs that help around the class. All of this will help us in the future by giving us a big boost with knowing what money is and what to do with it.
Brock, Brody, and Andy think learning about financial literacy is important for the following reasons
We all have jobs to do to get money in Banqer. At the end of Week 4, we can discuss as a class what we can buy with our money. We want to buy Minecraft time and stickers with our hard-earned money. We have been learning about savings, interest, payments, transfers, credit scores, loans, and insurance. We think it is fair that we have to pay taxes for the things we use, like electricity.
Lydia, Indy, and Reegan said we are learning about money and having a bank account in real life. Banqer is the best because we get to learn about money in the real world and get classroom jobs. This financial literacy is helping us so much with our work. In financial literacy, we learned about all the bank statements, how to read them correctly, what different bank accounts mean, and why people have them.
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