Logan schools will axe school banking from August 1.
The only bank still operating a school banking program for schools is the Commonwealth Bank, but a review of school banking programs by the Australian Securities and Investments Commission found it had questionable benefits.
The report was damning, and Education Minister Grace Grace said schools were equipped to give children skills to help them manage their money responsibly in a digital environment.
“It’s a different digital world now to when school banking began more than 50 years ago,” she said.
“Our young people are growing up in a world where money can literally be at their fingertips with a wave of their watch or tap of their phone.”
The school curriculum uses federal government “MoneySmart” resources – from counting money and saving up for a teddy bear’s socks to understanding the hidden costs of a mobile phone contract.
The ASIC report released last year found that school banking couldn’t be proven to improve savings behaviour and exposed young children to “sophisticated advertising and marketing tactics”.
