AWARD REPORT. Youth Banking & Education

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1 2014 AWARD REPORT Youth Banking & Education

2 June 2014 YOUTH BANKING & EDUCATION IN THIS REPORT We research the suite of banking accounts and facilities available to children in two age groups Juniors (12 and under) and Youths (12-17 years old). Innovation s where it s at Youth banking is an area that is understandably welcoming all ongoing technological advances with open arms. Given the fact that the youth of today tend to be an awful lot more technologically savvy than older generations, it s no surprise that banks and providers are starting to offer more and more advanced facilities and tools in the hopes of encouraging young investors and educating developing minds on the importance of sensible banking. During the rigorous process of assessing the various financial institutions for this award, the CANSTAR research analysts uncovered some real gems, offering insight, help and even some pretty good rates for youngsters with cash at their fingertips. Perhaps the most innovative among the crop was the Westpac PayPig app, which turned out to be the only app available for mobile devices from any provider of youth banking facilities. A fun, friendly app, PayPig essentially brings the traditional children s piggy bank into the digitised, 21st century, helping kids learn the value of saving by allowing them to accumulate money through pocket money and chore rewards. Through the application, parents can set up a particular chore (e.g. cleaning the car or tidying their bedroom), a deadline by which the task must be completed, a reward/payment amount to be paid to the child, and then a payday for each task or chore completed. The real ingenuity here is the Payday function once a child has completed his or her chore, the parent receives a notification and can then make a payment directly into the child s bank account as long as the account is a Westpac account. What (or who) else is about? It s not just pigs helping educate and entertain the youngsters. There are some cool and colourful characters out there to encourage kids to engage with banking institutions, including Hume Bank s Clancy Koala and Commonwealth Bank s Dollarmites gang. The Dollarmites Clancy Koala Typical of the characters attributes are a range of games for account-holders to play (whether online or via distributed books and packs), free merchandise offered when accounts are opened, and encouragement to reach savings goals. 1

3 They re better off than Mum and Dad! In an effort to attract new investors, deposit-taking institutions will offer some great rates to youngsters, rates that are sometimes better than anything their parents can secure for their own accounts Company Junior account (under 12) % rate Saving account % rate ADCU Junior Saver Account 0.5 Star Saver Direct Acct S bankmecu mysaver 3.75 Cyber Saver 0.25 Bankwest Kids' Bonus Saver 5.75 TeleNet Saver 4.09 Cairns Penny First Penny Saver Account 4.8 Internet Saver Account 0 Commonwealth Bank Youthsaver Account 3.91 NetBank Saver 3.91 CUA Youth esaver 5.05 esaver 3 Delphi Bank Junior Smart Saver 1.75 Midas Account 3.45 ECU Australia Just for Kids 1 e-saver 0 Horizon Credit Union Reward Saver 4 Horizon Direct 2.5 Hume Bank Clancy Koala 3.75 isave 0 MyState Youth Account 1.25 Online Savings Account 2.5 Newcastle Permanent Rapid Saver Statement for Children 3.7 Online Savings Account 3.6 People s Choice Credit Union Young Saver Account 3.5 Online Saver Account 2.15 Suncorp Bank Kids Savings Account 3.75 Everyday Options Sub-Acc 2.75 Teachers Mutual Bank Under 18 Account 1.62 Online Savings Account 0.1 Victoria Teachers Mutual Bank First Saver 2 Online Saver 0.05 Westpac Reward Saver Under esaver 3.92 As our table shows, children can end up doing considerably better than Mum or Dad when it comes to earning interest on their savings. Source: CANSTAR. Interest rates applicable at $1 Indeed, Cairns Penny s lucrative 4.8% rate for the First Penny Saver account beats the adult alternative, the 0% Internet Saver account, hands down. The rates in the table, however, are only for account balances at $1, and can change as balances rise, leading to a different result in comparisons. The variations come about not only because institutions are hoping to entice young savers to open accounts with them but also because children tend to have less money in their accounts and therefore interest earned will generally be at a lower level. 2

4 Money lessons through the ages Teaching youngsters the value of money is a crucial part of their upbringing, and there are different ways to approach these life lessons according to the life stage the child is at. CANSTAR has helpfully provided some handy hints about just what pearls of financial wisdom should be imparted on children at what age The crucial first lessons in teaching children the value of money can take place in many day-to-day activities, e.g. on shopping trips, by demonstrating how much their favourite treat costs, perhaps as a proportion of their pocket money. Start savings nice and early. Position a piggy bank (or even a glass jar, so that your little one can watch the money literally rise) somewhere visible and make sure they add a portion of their pocket money to it regularly. When the time is right, you can move those savings into a proper account. Be sure that money i.e. cold hard cash is always visible in your child s life. With all sorts of transactions these days taking place behind the veil of technology (cashless payments, the use of plastic cards at point of sale, even online transfers to pay back small, short-term loans from friends) it s important they re aware that money is still actually used to pay for things! Start rewarding chores with pocket money as early as possible in order to teach the concept of having to work in order to earn money. Encourage savings goals. If they re desperate to get their hands on a particular toy or outfit, help them to set their target and save their money, perhaps using a chart to follow their progress. The maths they re learning at school can come in handy here. Make sure they re able to make their own choices when it comes to their own money (within reason!). The more they experience the consequences of their decisions whether it s running out of money before pocket money day because of overspending or benefiting in the long run from saving a sum up the more they ll learn to appreciate the value of money. Teach them about borrowing that anything borrowed must be paid back especially with the use of toys and personal belongings. Think about investing a small amount of your child s money into some shares. You can involve them in the process and they can watch as their money grows - or shrinks! Don t be afraid to go the eftpos route early on. Having their own card can give them a sense of responsibility and independence. It s a good idea to start discussing such concepts as superannuation and investments early in a child s teenage years. While they may still be some way from having to deal with such issues, the longer they re learning about things before they use them, the more the knowledge is likely to stick. Encourage them to get a part-time job as soon as you re happy to let them. Whether it s waiting tables at a cafe or doing some filing for a friend s business, as soon as a child can earn its own money, the sooner the values of work = reward will be cemented. Understanding workplace dynamics and developing customer service skills can be positive offshoots, too. Consider lending them small sums occasionally (the older they get the more they re likely to ask for!) and try adding on some interest when it s time for them to pay you back. It s good to teach them about credit, its consequences and the better alternative of saving up. Make sure they re aware of online security. They might know their way around a computer better than you, but young naivety could see them fall into some serious online traps. This may well involve you having to learn some lessons yourself! T T O I P P Always try to resist pester power whether your child is four or 14, it s important to teach them that things cost money and money has to be earned. 3

5 The award for Best Value Australia Youth Banking & Education goes to For the fifth time, Commonwealth Bank has taken the title of Best Value Youth Banking & Education Australia, ranking top for both the Junior and the Youth banking profiles. With tailored websites offering tools, games and activities such as savings and budget calculators, as well as the colourful Dollarmite Club, Commonwealth scores highly for its School Banking program and the StartSmart financial literacy program, which aims to teach young Aussies basic money management skills and increase financial literacy in a fun, engaging way. Topics such as saving, spending, investing and banking are covered in workshops and curriculum material, demonstrating Commonwealth Bank s commitment to education and developing financial literacy in Australia s youth. The fact that Commonwealth Bank boasts Australia s most extensive networks of branches and ATMs is another significant reason it takes the award this year. Big congratulations to Commonwealth Bank on its achievement. Out of the mouths of winners In light of the award win, we spoke to Commonwealth Bank s Danielle Murrie about the company s focus on youth, what is offered and what approach is preferable when it comes to our nation s youngsters Commonwealth Bank has an impressive track record Q in prioritising financial literacy for youth. Why is financial literacy so important for our youth? ACommBank has a strong and continuous focus on developing financial literacy for Australian children. We believe learning practical life skills based around smart money management is important as we all engage with money on a daily basis. What opportunities does new technology have for Q enhancing kids understanding of money issues? AResearch points to an ever increasing take-up of smartphone and tablet devices amongst children. With an eagerness to engage with these devices, there is a natural fit to providing engaging resources to children through this medium. Resources such as our Dollarmites offer children a great way to learn about money through the power of games and other online activities. However, as with all areas of society, the uptake of technology is also creating challenges in the way children learn about money and understand it as a tangible asset. With a continued shift towards a cashless society, instilling these basic skills in a child s early years is becoming increasingly important. This is why our fridge chore trackers, school banking programs and other opportunities to interact with physical money and the child s bank account are still just as important as they were 20 years ago. QWhat are three of the most important money lessons for children to learn? AThe message around money management for children should always be practical and simple. CommBank focuses on three main areas to ensure children have all the practical skills they need to manage money effectively: saving for a goal; the concept of borrowing; and smart spending. We also offer fantastic practical advice for parents via our Beanstalk page. Danielle Murrie General manager, Deposit & transaction products 4

6 The award for Best Value Customer-owned Youth Banking & Education goes to Congratulations also go to Hume Bank, which takes away this year s award for Best Value Youth Banking and Education for a customer-owned institution. Winning for the third time, Hume ranked top for both Junior and Youth profiles, scoring highly for such attributes as its variety of online education resources (via the Junior Savers Club), which include tips, tools and games for children and parents, and its School Banking program in which 48 schools are currently participating. customer-owned Hume s financial literacy seminars and workshops for primary and secondary schools, which cover such topics as budgeting and savings goals, also helped push the building society to the top of the leaderboard, along with its system of commission payments to schools and incentives to encourage frequent deposits, providing such rewards for children as prize packs, toys and even parties with Clancy Koala! Out of the mouths of winners In light of the award win in the customer-owned category, we spoke to Hume Bank s Melissa Sweetland about the company s approach to teaching nation s youngsters about finance and good habits Hume s Junior Saver Club is terrific. What was the Q original motivation in setting it up? The Junior Saver Club has evolved over time. We wanted A to find a way encourage children to save regularly. It didn t matter how much they saved, we simply wanted them to form good habits. It started with a competition to win an ipod by collecting 12 Hume swap cards and four years later has evolved into a full program with prizes, activity book, microsite and stickers to collect. The feedback from parents in particular has been incredible with many thanking us for helping their children form good savings habits. You have an impressive 48 schools participating in Q your school banking program. What is it that makes school banking such a good way to teach kids about money? AIt s the routine and the peer group support. We know that good habits formed young last a lifetime if we help saving become a good habit we have helped a child on their way to a better life. You also run financial education sessions at schools. Q What are some of the topics you cover? We look to not only introduce children to money and A budgeting but also talk about needs and wants, the impact of advertising and peer pressure. When we talk to older children, we talk about how to get a loan and the importance of getting a job, saving and looking after your credit history. Do you have any funny/nice feedback that you could Q share from your school sessions? We do get a lot of interesting feedback from the children A when we head out to the schools and we are amazed at how much some of them know. Louise, our supervisor, who runs most of the school sessions and also featured in our television commercial about school banking, has the most hands-on experience: I have many stories to tell. I have prayed, sung the national anthem, recited school pledges, handed out merit awards. I have even been part of a school evacuation. Question time is always the best part of the presentations. Questions range from how much money do I make, to how do we keep robbers out, to where do we keep everyone s own personal envelopes with their money in? One little fella waited ever so patiently for me to pick him. He proceeded to tell me that he had a comment not a question please pass on to my boss that he is so pleased that the girl in the ad is actually the girl who is here today celebrity status! Melissa Sweetland General manager, customer service, sales and marketing 5

7 METHODOLOGY YOUTH BANKING & EDUCATION AWARD METHODOLOGY What is the CANSTAR Youth Banking & Education Award? The CANSTAR Youth Banking & Education Award uses a sophisticated and unique methodology and is awarded to financial institutions that provide the best combination of products and services across the youth banking sector in Australia. The award aims to give recognition to the institutions offering quality deposit products as well as services to schools, parents and children alike for the purpose of promoting financial literacy. The CANSTAR award represents a shortlist of financial products, enabling consumers to narrow their search to products that have been independently assessed and ranked. How is the CANSTAR Youth Banking & Education Award calculated? To arrive at the total score with which we make the award, CANSTAR looks at two age brackets: the Junior profile for children aged 12 and under and the Youth profile for teenagers between the ages of 12 and 17. Junior Under 12s 50% Youth years 50% Each age bracket is broken down into the components that are important for the youth market in the following methodology tree. 6 YOUR GUIDE TO PRODUCT EXCELLENCE

8 CANSTAR Youth Banking & Education methodology tree While products make up half the overall score, the other half focuses on institutional investment in education, parental material, workshops and school banking. We feel that institutions spending time and energy on these aspects of Junior and Youth banking and education should be recognised. Product 40% Product score Junior saver score Junior Under 12s 50% Education 35% School Banking 15% Distribution 10% Branch 85% ATM 15% Product 40% Youth transaction product score 80% Online saver account 20% Youth years Education 40% 50% Online banking 35% Distribution 20% Branch access 10% ATM access 55% 7

9 Product score For the award we assess deposit accounts available specifically to each of the profiles. To compare the product on offer in the market we use two profiles that allow for the change in children s needs as they mature and start working. As with all CANSTAR star ratings, the value of the deposit account is determined by using a combination of price and feature scoring. The pricing and feature weightings are outlined in Table 1. Pricing is further broken down into rates and scenarios, while features include both product features and branch accessibility (coverage). These weightings are also outlined in the table below. Table 1: Deposit account profile weightings Profile Pricing Features Junior Saver 80% 20% Youth Transactor 75% 25% Online Saver 85% 15% Profile Rates Scenario Product features Coverage Junior Saver 80% 20% 70% 30% Youth Transactor 30% 70% 70% 30% Online Saver 90% 10% 100% Rate component The rate component of the price score considers the six-month historical total interest rate. The rate component accounts for the tiered interest rate structure of deposit accounts. The tiers for historical rate calculations are applied in the following manner: Table 2: Interest rate balance tiers Tier 1 Tier 2 Tier 3 Interest balance tier weights: 50% 35% 15% Junior Saver $250 $500 $1,000 Youth Transactor $50 $125 $250 Online Saver $1,000 $2,000 $5,000 Scenario component Transaction fee scenarios based on 500 hypothetical customers. The following table outlines scenarios for each of the profiles: 8

10 Table 3: Transaction scenarios for pricing calculation Junior Saver Youth Transactor Online Saver Average no. of transactions Average balance $500 $ Average deposit $20 $ ATM withdrawal own network - 20% Branch cash withdrawal 20% 5% Branch cash deposit 80% - EFTPOS transaction - 55% Internet transaction - 20% 100% Product features Each of the product features is allocated points that are awarded for positive deposit account traits such as no fees or greater flexibility. The following table outlines the weightings of each of the feature categories per profile: Table 4: Product feature weightings Category description Junior Saver Youth Transaction Online Saver Account facilities 35% 50% 25% Specific conditions 45% 25% 45% Fees and charges - 5% Exemptions from fees and charges 5% 5% 5% Account design options 5% 10% 5% Mobile and online security 10% 5% 20% Coverage The access component of the feature score is calculated by taking the maximum number of free ATMs and total branches across each state/territory in Australia and divided by the population of each state or territory. Full points will be allocated to an institution that is equal to or lower than 30,000 customers per branch and 15,000 per ATM in any state or territory. Anything exceeding the respective figures will be indexed against it to reach their final score for this category. Both access areas (ATM and branch) are weighted equally at 50%. 9

11 Education A key feature of promoting financial literacy for children is providing support through tools and materials. For the award we looked at two areas where financial institutions provide support to children, parents and schools. The weightings for each of the profiles are as follows: Category Examples of data captured Junior Youth Education School Banking Educational tools, school workshops and curriculum materials Distribution of school banking services and benefits 70% 100% 30% - Education component The following table looks at different education resources to improve children s financial literacy. These include website resources available for parents and children, as well as curriculum resources for use by parents and teachers. Points are accumulated and weighted against the following category weights to receive their education score. Category Category description Weight Tools Junior website, youth website, savings calculators, budget calculators, games, updated games 30% Workshops Community and school workshops, facilitators 35% Curriculum Resources and facilitators 35% School Banking component The following table looks at frequency and quality of banking options institutions offer to schools. Points are accumulated and weighted against the following category weights to receive their education score. Category Category description Weight Distribution and services School Banking available, frequency of collection, open account, deposits, rewards 80% Benefits Commissions and grants 20% Distribution Branch access and school banking are excellent tools to help children learn to save. Easy access to branches and ATMs are rewarded based on the CANSTAR distribution analysis, while for online banking we use the results of CANSTAR s Online Banking Award to determine the availability and quality of the institution s online banking functionality. Category Examples of data captured Junior Youth 10

12 institution s online banking functionality. Category Examples of data captured Junior Youth Branch Ratio of branches to population 85% 10% ATM Ratio of free ATMs to population 15% 55% Online banking Features of internet banking, availability of website information - 35% How many products and financial institutions are analysed? In order to calculate the award, CANSTAR analysed 20 institutions in Australia. How often are all the products reviewed for rating purposes? The Youth Banking & Education Award is recalculated every 12 months based on the latest rates and features offered by each institution. CANSTAR also monitors rate changes on an ongoing basis. Does CANSTAR rate all products available in the market? We endeavour to include the majority of product providers in the market and to compare the product features most relevant to consumers in our ratings. However this process is not always possible and it may be that not every product in the market is included in the rating nor every feature compared that is relevant to you. Does CANSTAR rate other product areas? CANSTAR researches, compares and rates the suite of banking and insurance products listed below. These star ratings use similar methodologies to guarantee quality, consistency and transparency. Results are available to consumers who use the star ratings as a guide to product excellence. The use of similar star ratings logos also builds consumer recognition of quality products across all categories. Please access the CANSTAR website at if you would like to view the latest star ratings reports of interest. Account based pensions Managed investments Account-based Agribusiness pensions Agribusiness Business banking Business life insurance Car insurance Margin lending Credit cards Business banking Deposit accounts Direct life insurance Online banking First home buyer Health insurance Business life insurance Home & Contents Online share trading Home loans Life insurance Car insurance Managed investments Package banking Margin lending Online banking Credit cards Online share trading Personal loans Package banking Personal Deposit loans accounts Reward programs Superannuation Reward programs Term deposits Direct life insurance Travel insurance Travel money cards Youth banking Superannuation First home buyer Term deposits Health insurance Travel insurance Home & contents Travel money card DISCLAIMER: Home loans To the extent that the information in this report constitutes general advice, this advice has been prepared by CANSTAR Youth banking Research Pty Ltd A.C.N AFSL and Life insurance ACL ( CANSTAR ). The information has been prepared without taking into account your individual investment objectives, financial circumstances or needs. Before you decide whether or not to acquire a particular financial product you should assess whether it is appropriate for you in the light of your own personal circumstances, having regard to your own objectives, financial situation and needs. You may wish to obtain financial advice from a suitably qualified adviser before making any decision to acquire a financial product. CANSTAR provides information about credit products. It is not a credit provider and in giving you information it is not making any suggestion or recommendation to you about a particular credit product. Please refer to CANSTAR s FSG for more information. The information in this report must not be copied or otherwise reproduced, repackaged, further transmitted, transferred, disseminated, redistributed or resold, or stored for subsequent use for any purpose, in whole or in part, in any form or manner or by means whatsoever, by any person without CANSTAR s prior written consent. All information obtained by CANSTAR from external sources is believed to be accurate and reliable. Under no circumstances shall CANSTAR have any liability to any person or entity due to error (negligence or otherwise) or other circumstances or contingency within or outside the control of CANSTAR or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication, or delivery of any such information. Copyright 2014 CANSTAR Research Pty Ltd A.C.N The word CANSTAR, the gold star in a circle logo (with or without surmounting stars), are trademarks or registered trademarks of CANSTAR Pty Ltd. Reference to third party products, services or other information by trade name, trademark or otherwise does not constitute or imply endorsement, sponsorship or recommendation of CANSTAR by the respective trademark owner. 11

13 Youth Banking Award We endeavour to include the majority of product providers in the market and to compare the product features most relevant to consumers in our ratings. This is not always possible and it may be that not every product in the market is included in the rating nor every feature compared that is relevant to you. REPORT DATE: JUNE 2014 Company Junior Accounts Youth Accounts Transaction Accounts Saver Accounts School Banking School-based programs Reward Programs Curriculum materials Workshops Online Educational Games and Tools Specific Junior Website Savings Calulator Games Aust Defence Credit Union Bankmecu Bankwest Cairns Penny Commonwealth Bank Community First Credit Union CUA Delphi Bank ECU Australia Horizon Credit Union Hume Bank IMB MyState NAB Newcastle Permanent * People's Choice Credit Union Suncorp Teachers Mutual Bank Victoria Teachers Mutual Bank Westpac your guide to product excellence * Currently piloting new school banking program. Report Date: 11/06/2014, All information is correct as at May 30th, YOUTH BANKING AWARD page 1

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