Australian States On Watch for School Banking Programs Following ASIC’s Review

Pedestrians are reflected in the window of a branch of the Commonwealth Bank of Australia (CBA), Australia's biggest bank by market value, in Sydney, Australia, on Nov. 8, 2017. Reuters/Steven Saphore/File Photo

The Australian Securities and Investment Commission (ASIC) has said there is no solid evidence showing that school banking programs have helped children develop long-term saving habits.

In a report, released on Dec 15, ASIC said that its two-year review into school banking programs has demonstrated that school banking programs have exposed vulnerable young children to sophisticated marketing tactics and disguised the provider’s true intention.