An ongoing review into the use and impact of banking programs in primary schools is now seeking input from the public.
ASIC has been undertaking the review, which aims to better understand how school banking programs are implemented, how they are marketed to school communities, how students are engaging with banking programs as well as the types of accounts that are established through these programs while children are at school and through to later years.
Community opinions will help inform the regulator’s development of high-level principles on the implementation of school banking programs, it was outlined.
ASIC commissioner Sean Hughes noted that young people engage with money every day, and so “they need to understand financial concepts and develop the skills to identify financial services that are right for them”.
“Financial literacy is embedded in the Australian curriculum, and needs to be – and there is a long history of school banking programs in Australian schools,” he continued.
“It is important for ASIC to understand the range and extent of impacts that school banking programs can have on students, parents and school communities, as part of our responsibility to ensure the financial sector is delivering for all Australians, and especially for future generations of financial consumers.”