Dollarmites and banking in schools

[Fred123]

An article by Choice on their success to date.

Queensland joins ban on Dollarmites and other school banking programs. | CHOICE

[Drop_Bear]

A bloke who wrote a book on investing has started something that he calls the “Money Movement”. It seems relevant to this topic.

1. Implement a practical 4-to-6-week Money Challenge every year

When literacy rates were falling, the Premier’s Reading Challenge was set up to challenge kids to read - and it worked! In the same way I’m calling on State governments to get behind a Money Challenge: not just another requirement on an already overcrowded curriculum, but something exciting that schools take up because it’s important - and fun!

2. Show primary schoolers the power of working, saving, spending and giving

Get kids excited and it’s amazing what can happen. During a pilot Money Challenge at a school in Hervey Bay (one of the poorer regions in the nation), the six-year-olds came up with the idea of using their class ‘Give’ money to feed homeless people in their community. It was a life-changing experience for them — and for their community.

3. Show high schoolers how to get a job and set up their savings ‘buckets’

You remember being a teenager in class thinking “How will I ever use this in the real world?” Well, at a pilot Money Challenge, I saw teenagers who were the first people in their family to get a job and set up their savings buckets. Think what your life would be like if someone had helped you do that on your first payday. I want that for every Australian kid. Let’s set them up to win.

4. Commit to professional development financial education for teachers

Teachers aren’t in the job just for the money: it’s a vocation. Still, it’s hard to stand up in front of a crowd of Year 9s and talk about the dangers of credit cards when you have credit card debt yourself. Bottom line: to raise financial fit kids, we need financially fit teachers.

5. Kick the banks out of our schools

Having banks teach our kids about money is like having Ronald McDonald teach them about nutrition. Our children’s financial education is too important to outsource. The government financial regulator (ASIC) is independent of commercial interests and should be the one to deliver the program.

There’s a Change.org petition:
Petition · It’s time to kick the banks out of schools, and teach kids real money skills! · Change.org

[Fred123]

[Fred123]

Another win for Choice.

Commonwealth Bank drops Dollarmites program | CHOICE