Commonwealth Bank of Australia : Australia Group Pushes for Wider School Banking Program Ban

By Alice Uribe

SYDNEY--Australian state and territory governments should follow the Victorian government's lead and ban banks from delivering financial literacy programs in schools, said prominent consumer group Choice.

The Victorian state government on Sunday said banks and financial institutions would be prevented from delivering banking programs in its schools from 2021.

Choice said programs such as Commonwealth Bank of Australia's long-running Dollarmites are "little more than slick marketing programs aimed at primary school aged children."

The Victorian government said there is "very little evidence" that school banking programs have any impact on long-term savings habits.

Research conducted by Choice in 2017 found 46% of people got their first account with CBA, and a third kept this account into adulthood.

Write to Alice Uribe at [e-mail]

(END) Dow Jones Newswires

11-29-20 1733ET