School banking will be banned in the ACT, so what's a better way to teach kids about money? - Drive
How did you learn about money? If you grew up in Australia in the last 50 years, chances are you had a banking program at your school. But criticism of these programs has grown in recent years, and last December the financial regulator ASIC found these programs don't do anything to improve financial literacy, but instead expose students to the banks' sophisticated advertising and marketing tactics. The ACT Legislative Assembly has now agreed to phase out banking programs from all public schools by the end of July. Canberra financial literacy researcher Phil McGilvray talked to Drive to tell u...
Source: abc.net.au