Sam Dastyari calls for strict oversight of school banking programs

By Matthew Knott
Updated November 23 2015 - 10:23am, first published 9:48am
Allowing banks to teach financial literacy was "the equivalent of having Ronald McDonald teaching kids about nutrition", financial adviser Scott Pape told a Senate inquiry. Photo: Erin Jonasson EJZ
Allowing banks to teach financial literacy was "the equivalent of having Ronald McDonald teaching kids about nutrition", financial adviser Scott Pape told a Senate inquiry. Photo: Erin Jonasson EJZ
Senator Sam Dastyari said programs such as the Commonwealth Bank's Dollarmites, once "innocent" schemes to encourage children to save money, could now be used to "groom" them to become future credit card customers. Photo: Dominic Lorrimer
Senator Sam Dastyari said programs such as the Commonwealth Bank's Dollarmites, once "innocent" schemes to encourage children to save money, could now be used to "groom" them to become future credit card customers. Photo: Dominic Lorrimer

Australian banks are facing calls to be banned from promoting Dollarmites-styles savings programs in schools unless they are subject to strict regulation.

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