Commonwealth Bank’s Dollarmites program to be pulled from Queensland schools

School banking programs will end in Queensland after a review found no evidence they improved saving habits in young children, described by the report as ‘vulnerable consumers’.

Banking in schools will cease at the end of July to coincide with the end of the Commonwealth Bank’s current contract, the state’s Education Minister Grace Grace said on Monday.

“The ASIC report demonstrated that there was really little value in the program, and that often the true intention of the program wasn’t disclosed, and that there wasn’t really a terrible amount of financial education that was taking place,” she said.

Grace said “times had changed” since the Dollarmites program was introduced about 50 years ago, and the curriculum now…

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