General
Victorian Government bans financial institutions running school banking programs like Dollarmites
The Victorian Government says it will ban “low-quality” school banking programs run by financial institutions from next year, spelling an end to the controversial Dollarmites program in state schools.
Key points:
- The Government says the activities run by banks and other institutions are “low quality” and aimed at getting new customers
- Programs like the Commonwealth Bank’s Dollarmites scheme will be replaced with curriculum-linked classes
- It comes as ASIC is conducting a review into school banking programs
The bank-run schemes will be replaced with school-run programs about financial skills in line with the Victorian curriculum.
Nearly two thirds of the nation’s schools participated in school banking programs in 2019.
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