Kids Show Positive Signs Of Saving But Parents Need Help, Says Commonwealth Bank
27 January 2005
Children are showing sound savings habits, according to a new Commonwealth Bank Kids’ Money and Savings Survey which has found that 5 to 12 year olds are saving up to 43% of their pocket money – the equivalent of $3 a week.
Stephen Morrow, Executive General Manager Transactions and Consumer Financing for the Commonwealth Bank said that while about 90% of parents are indicating confidence in their children’s saving abilities, it is important that they continue to encourage their children to develop good money habits.
"Sensible money management is an absolute essential for every Australian. It’s good to see that parents are having a positive influence on their children’s attitudes and behaviour towards money," Mr Morrow said.
While 90 per cent of parents surveyed believed they were good role models in this area, many also said that a lack of time prevented them from teaching their kids about money. As a result, many parents were seeking assistance from relatives, banks and schools and 70% said that they were interested in having access to children’s savings tools or strategies.
Having assessed the survey results, Mr Morrow said the Commonwealth Bank was launching a reinvigorated Student Banking program to primary schools nationwide from 1 February.
The enhanced Commonwealth Bank Student Banking program will equip parents and students with eye-catching tools and incentives to help children learn the money basics, including a savings chart to use at home and a fridge magnet to remind parents about Student Banking Day.
As well, the Bank will launch a "Back To School" Student Banking promotion, where schools can win prizes including a Dell computer and Canon digital cameras.
Mr Morrow said that the reinvigorated Student Banking program was part of the Commonwealth Bank’s commitment to helping Australian children learn to save.
"Supporting parents and schools in their efforts to teach kids the money basics is extremely important to the Commonwealth Bank," Mr Morrow said.
"Teaching children about sensible money management is a responsibility that can be shared across the community. Schools, governments, relatives and banks can all play an important role in helping our kids become more financially literate."
The Commonwealth Bank of Australia has been involved with financial literacy education and Student Banking since 1931 and conducts regular research with parents and children.
The Bank strengthened its commitment to financial literacy education with the establishment of the Commonwealth Bank Foundation. The Commonwealth Bank Foundation seeks to encourage developments in education, particularly the financial literacy skills of all young Australians, and aims to create awareness, skill and understanding of the benefits of a more financially literate community. The Foundation’s programs include the Financial Literacy Grants for secondary schools and an e-Learning Grants program for primary schools.
To find out more about the Commonwealth Bank’s Student Banking program, visit www.commbank.com.au/bankingatschool or contact the Student Banking Help Desk on 1800 674 496 between 9am and 4pm Sydney time, Monday to Friday.
To find out more about the Commonwealth Bank’s Back To School Student Banking promotion, visit www.commbank.com.au/studentbankingwin
To find out more about the Commonwealth Bank Foundation’s programs, visit www.commbank.com.au/foundation