ASIC is seeking public input on school banking programs

ASIC is seeking the public’s view of school banking programs as part of its ongoing review of their use and impact in primary schools.

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.

Community opinions will help inform the development of high-level principles on the implementation of school banking programs.

ASIC Commissioner Sean Hughes said, "Young people are engaging with money every day and 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."

"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."

ASIC has 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.

It is expected the review will be completed in early 2020.