On 24 October 2021, the Treasurer and Minister for Education and Early Childhood Learning, the Hon. Sarah Mitchell MLC, announced that school banking programs will no longer be run in New South Wales schools from 2022.
School banking programs at our school are arranged at a local level, via the P&C Association. With the upcoming cessation of the program, students will no longer be able to deposit savings through the school banking program at Engadine West PS. You can still keep your child’s bank account open and can continue to make deposits into your child’s accounts through online transfer or at any bank branch. More information is available on the department’s school banking website and Commonwealth Bank of Australia’s school banking website.
The decision was made following the review of the Australian Securities and Investments Commission (ASIC) review on School Banking Programs on 15 December 2020, which found that the costs of the program outweighed the benefits.
Key findings of the review include:
- School banking programs claim to help children develop long term saving habits; however, providers were unable to demonstrate that these programs in and of themselves improve savings behaviour;
- Payments to schools for implementing school banking programs incentivise schools to encourage greater participation in the programs;
- Young children are vulnerable consumers and are exposed to sophisticated advertising and marketing tactics by school banking program providers;
- School banking program providers fail to effectively disclose that a strategic objective of these programs is customer acquisition.
Financial literacy is embedded in the curriculum K-10. It is part of a continuum of learning in the work and enterprise learning across the curriculum content area from K-12. In Mathematics K–10, students develop knowledge, understanding and skills specifically related to financial literacy, such as money, financial transactions, pay rates, taxable income, rebates and levies. In Stages 4 and 5 many students elect to study commerce. A key objective of the Years 7–10 commerce syllabus is for students to develop skills in decision-making and problem-solving in relation to consumer and financial issues they may encounter now and in the future. Opportunities also exist for the inclusion of financial literacy in the mandatory Life Ready course in Stage 6. More information on the NSW Curriculum is available.
To further support our students with financial literacy education, the department launched the Treasurer’s Financial Literacy Challenge in collaboration with ASIC. The challenge is currently in pilot intended for students in Years 5 to 8 but open to all. The challenge aims to engage students in practical activities focused on making informed financial choices, setting goals and managing money.
If you have further questions, please feel free to contact the school.
