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On The Record

Commonwealth Bank statement on financial education

CBA statement on financial education

Statement from Commonwealth Bank regarding news reports on CHOICE's submission to ASIC review of school banking.

CBA’s financial education program is entirely consistent with the National Consumer and Financial Literacy Framework which obliges us to provide education on options for paying for goods by year 4.

We strongly refute any suggestion that we market credit products to children, this is categorically misinformation.

Commonwealth Bank has a strong and respected track record of providing quality financial education programs in Australia and we are always looking at ways we can improve our financial education programs.

As we stated in October 2018, we welcome ASIC’s review into school banking programs in primary schools, and have been working with ASIC to provide information on our financial education programs.

There are around 3800 Australian schools who voluntarily participate in our School Banking program, which has been running in Australian schools for more than 85 years, and has been widely commended and supported by participants, parents, School Principals and educators.