The Insurance Council of New Zealand (ICNZ) is helping to develop an online educational tool to be used in schools from July.

The program, from Wellington company Banqer, turns the classroom into a virtual economy, giving 8-12-year-olds control over classroom finances.

“The Banqer interactive platform is a fun way for young Kiwis to learn about financial issues and we’re delighted with the potential our partnership has to help [children] better understand risk, how insurance contributes to the economy and the important role it plays in their daily lives,” ICNZ CEO Tim Grafton said.

The platform links to the Ministry of Education’s recently released “financial capability progressions”, so is aligned with the education curriculum.

Some high schools have also signed up for the Banqer service.

Mr Grafton says it is the latest initiative in a three-year strategy to improve insurance literacy.

Last year ICNZ launched a website called Are You Covered? It also partnered with the Young Enterprise Trust to develop teaching and student resources and is jointly offering the annual Excellence in Insurance Journalism Award.