The Australian Securities and Investments Commission (ASIC) has called for community comments on school banking programs as part of a continuing review of their use and impact in primary schools.
ASIC Commissioner, Sean Hughes said the Commission wanted to understand better how school banking programs were implemented; how they were marketed to school communities; how students were engaging in them; and the type of accounts established.
“Members of the public and organisations interested in the issue are encouraged to respond to questions posed in the Consultation Paper 323, Review of School Banking Programs,” Mr Hughes said.
“Community opinions will help inform the development of high-level principles on the implementation of school banking programs.”
He said young people were engaging with money every day and needed to understand financial concepts and develop the skills to identify financial services that were right for them.
“Financial literacy is embedded in the Australian Curriculum and needs to be,” Mr Hughes said.
“There ii a long history of school banking programs in Australian schools,” he said.
“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.”
He said ASIC had already consulted with a diverse range of stakeholders including primary school principals, parents, present and past students and organisations from the education and consumer advocacy sectors, as well as the authorised deposit-taking institutions offering the programs.
Consultation closes on 31 October and the review is expected to be completed in early 2020.
ASIC’s 15-page consultation paper can be accessed at this PS News link.
