HSBC Bank Malta plc has opened a model bank at the Home Economics Seminar Centre in Birkirkara. The model, which will be used to help give Form III students hands-on experience to manage their finances, was unveiled by HSBC Birkirkara area director Anthony G. Buttigieg. Education Department director Curriculum Management Raymond Camilleri and Director Operations Alfred Mallia were also at the unveiling.

At the same time, the Home Economics Seminar Centre launched the information pack Haddem Flusek bil-Ghaqal (Using your money wisely) with funding from HSBC. This publication contains information on how to budget one’s finances and on the different banking facilities available.

“Principle Number 7 of the National Minimum Curriculum is to develop educated consumers who are aware of financial services that are available and who know how to plan their finances well, how to judge price and quality and how to make the best use of ones money. The Home Economics Seminar Centre disseminates the Haddem Flusek bil-Ghaqal seminar precisely to fulfill this aim. Now, thanks to the support we have received from HSBC, we have been able to set up a model bank, publish an educational pack for students to use during their visit to the centre and install new computers through which we can provide students with access to software programmes on banking,” said Education Division Curriculum Department educational officer Elizabeth Mallia.

The Haddem Flusek bil-Ghaqal educational pack contains five information sheets. The first covers the history of money and trade, both in Malta and internationally. The second sheet introduces the different bank accounts available, such as current, savings and fixed deposit, as well as information on the financial packages available for students.

Another sheet features an example of how to make a family budget while the final two sheets focus on automated channels such as ATMs and internet banking as well as the different loan facilities which financial services providers offer.

The pack also contains a dummy cheque form to familiarise students with the layout of a cheque and also gives them the opportunity to practise writing out cheques.

“Knowing how to take care of your finances is one of life’s most important lessons. It is vital that children learn how to look after their money in order to avoid unnecessary problems and also to be able to make the most out of their money.

“The Home Economics Seminar Centre provides a forum for this and HSBC is delighted to be able to help children learn about finance through the Haddem Flusek bil-Ghaqal information pack,” said Mr Buttigieg.