HSBC model bank opens at Home Economics Seminar Centre

HSBC Bank Malta plc has opened a model bank at the Home Economics Seminar Centre in Birkirkara. The model bank, which will be used to help give Form 3 students hands-on experience to manage their finances, was inaugurated by HSBC's Birkirkara area director, Anthony G. Buttigieg.

Raymond Camilleri, director Curriculum Management, and Alfred Mallia, director Operations at the Education Department, were also present for the inauguration.

At the same time, the Home Economics Seminar Centre launched the information pack Haddem Flusek bil-Ghaqal with funding from HSBC. The 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," Elizabeth Mallia, Education Officer of the Curriculum Department, Education Division, said.

"The Home Economics Seminar Centre disseminates the Haddem Flusek bil-Ghaqal seminar precisely to fulfil 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 to install new computers through which we can provide students with access to software programmes on banking."

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

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

The pack also contains a dummy cheque form to familiarise students with a cheque layout. It 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," Mr Buttigieg said. "It is vital that children learn how to look after their money 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."