Simulated Insurance Lessons Boost Real-Life Coverage for Kiwi Teens
A New Zealand financial education platform has released data showing that students who are caught out without insurance in a simulated economy are more likely to purchase coverage afterwards.
Banqer, which provides classroom-based financial education, partnered with life and health insurer Partners Life to run the Personal Risk Insurance module for 51,920 secondary school students between 2022 and 2025.
The data shows that almost half the time, a student in the simulation was hit by a random event without having insurance. Of those students who had no coverage at all when an event occurred, 54.3% went on to take out cover afterwards.
This is compared to classmates sitting in the same rooms who were never struck by a random event - 26.8% of them held some form of cover across the four years.