Established in 1931, the CommBank School Banking program has been teaching money-management skills to generations of Australian primary school students.
Children who participate are rewarded with Dollarmites tokens that they can redeem for exciting rewards when they deposit regularly into their savings account. The program is supported with a range of fun and engaging materials to help them learn about money – and encourage them to save.
In a recent study commissioned by CommBank (CommBank Savings IQ Report) it was found that across all generations, the research shows a positive link between financial education and Savings IQ. Those who had participated in a school banking program (60% of respondents) had a higher Savings IQ than those with no exposure. 71% of those who had participated in school banking felt the program had a positive influence on their ability to save.
School Banking also provides a great fundraising opportunity, with participating schools receiving:
- $5 for every account activated via the program
- 5% of every deposit made at school (up to a maximum of $10 commission per individual deposit) or;
- A minimum commission payment of $25 per quarter (provided at least one deposit or new account is received from the school per quarter).
In 2014 alone, participating schools received over $2 million collectively.
In addition to the School Banking program, the Commonwealth Bank offers state of the art StartSmart workshops to Australian primary and secondary schools. StartSmart teaches students about financial literacy, empowering them to make wise financial decisions for themselves. The Primary program consists of three stages, each of which corresponds to a different level of learning. The workshops are engaging as well as educational.
To get your child involved in the School Banking program at our school visit the school office to pick up an information pack.
For further information visit commbank.com.au/schoolbanking and startsmart.com.au