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Primary school children are told about the benefits of using credit cards through the Commonwealth Bank financial education program

The Commonwealth Bank's & # 39; Dollar sites & # 39; scheme is being studied to teach children how to use credit cards

  • Choice has criticized the Commonwealth Bank's Dollarmite program
  • The consumer group claims that the program teaches children about credit cards
  • ASIC launched an evaluation to examine school desk programs
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Primary school children are told how to use credit cards through the financial education program of Commonwealth Bank.

Students aged eight learn about the & # 39; risky financial products & # 39; as part of the Bank's Dollarmites program, The age reported.

Choice, a consumer group, flagged the issue for an assessment by the Australian Securities and Investments Commission (ASIC) for financial education in schools.

There are currently 3800 Australian schools voluntarily participating in the educational program.

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Primary school children are told about the benefits of using credit cards through the Commonwealth Bank financial education program

Primary school children are told about the benefits of using credit cards through the Commonwealth Bank financial education program

& # 39; An example is the marketing by the Commonwealth Bank of harmful credit products for children in primary education. Credit cards are high-interest, high-fee and risky financial products & # 39 ;, according to the group.

& # 39; ASIC has discovered that nearly one million Australians have been caught by banks in a cycle of ongoing debts that cannot pay off their debts. & # 39;

Choice's chief executive Alan Kirkland said credit cards were complex products with & # 39; awkward conditions meant to make money for banks & # 39 ;.

The proponent of choice consumer Jonathan Brown said he believes the Commonwealth Bank does not care about consumers and that Dollarmites simply have a & # 39; marketing plan & # 39; used to be.

The Dollarmites program is designed to inform school children about the importance of money and saving, but Choice claims that students learn about credit cards

The Dollarmites program is designed to inform school children about the importance of money and saving, but Choice claims that students learn about credit cards

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The Dollarmites program is designed to inform school children about the importance of money and saving, but Choice claims that students learn about credit cards

The school program has been running for 80 years and is estimated to be worth $ 10 billion, with 46% of Australians opening their first account with the Commonwealth Bank.

ASIC started the research on school desk programs & # 39; s in October to measure their value for a school's curriculum.

The consultation document discovered that school desk programs such as Dollarmites increase the chance that a student will stay with the bank in the long term.

In the same report, & # 39; limited evidence was found among students that school desk programs & # 39; s have a lasting impact on their saving behavior & # 39; s.

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A Commonwealth Bank spokeswoman told Daily Mail Australia that the allegations of ASIC and Choice & # 39; wrong information & # 39; goods.

& # 39; We refute any suggestion that we market credit products to children, this is categorically incorrect information & # 39 ;, said the CBA statement.

& # 39; Commonwealth Bank has a strong and respected track record of providing quality financial education programs in Australia and we are always looking for ways to improve our financial education programs.

The spokeswoman also said that financial education was in accordance with the & # 39; National Consumer and Financial Literacy Framework & # 39; that obliges them to teach school children about finances.

The assessment will continue for the remainder of 2019.

A Commonwealth Bank spokeswoman told Daily Mail Australia that the allegations of ASIC and Choice & # 39; wrong information & # 39; goods.
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A Commonwealth Bank spokeswoman told Daily Mail Australia that the allegations of ASIC and Choice & # 39; wrong information & # 39; goods.

A Commonwealth Bank spokeswoman told Daily Mail Australia that the allegations of ASIC and Choice & # 39; wrong information & # 39; goods.

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