CHOICE calls on schools and parents to ditch Dollarmites

UPDATE 25/10/21: Commonwealth Bank drops Dollarmites program

It’s been a year since we awarded a Shonky to the Commonwealth Bank’s Dollarmites school banking program and now banking regulator ASIC has released new research questioning the effectiveness of these types of school banking programs.“The Commonwealth Bank doesn’t care about education,” says CHOICE consumer advocate Jonathan Brown.

“The Dollarmites program is a thinly veiled marketing program to turn our kids into customers for life. ASIC’s new research shows there is little evidence that these bank marketing programs actually work. “If the Commonwealth Bank really cared about education, we would have a whole generation of Australians feeling secure and financially sound. Instead we have some of the highest household debt in the world.”

The Dollarmites program is estimated to be worth nearly $10 billion, with 46% of Australians opening their first account with the Commonwealth Bank. 34% of people still have their first bank account.

However, ASIC’s research released today has found little evidence that school banking schemes like Dollarmites help kids’ long-term saving habits.

ASIC is asking for feedback on the report, and we encourage you to make your voice heard. 

“We’ve heard from parents across the country who are fed up with their children being targeted as future customers,” says Brown.

“Commonwealth Bank are relying on nostalgia and memories of toys and cartoon characters to avoid scrutiny. It’s vital that every Australian parent who is worried about corporations in our schools speaks up. Our kids need us to speak up.”

CHOICE supporter Alice from NSW says: “Children are in schools to be educated, not to be sitting ducks for marketers, including banks.”

“There is no need for banks to invade schools, it is not in the kid’s best interest,” says CHOICE supporter Ken from Victoria.

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Pru Engel

Pru Engel is the Audience and engagement editor at CHOICE. Her job is to ensure as many Australians as possible know about the great work we do at CHOICE.  She works closely with our testers and experts to find the gems of information in our data and research that will resonate with Australian consumers and help them make the best decisions, whether they're purchasing an air fryer, looking for a new mattress or trying to find the cheapest car insurance. She also helps to drive meaningful change for consumers by collaborating with our Campaings team on content covering issues such as product safety and scams.  Prior to CHOICE, Pru worked as an editor at many of Australia's leading food and lifestyle titles.  Pru has a Bachelor of Arts in Communication (Journalism) from the University of Technology, Sydney. Find Pru on LinkedIn.

Pru Engel is the Audience and engagement editor at CHOICE. Her job is to ensure as many Australians as possible know about the great work we do at CHOICE.  She works closely with our testers and experts to find the gems of information in our data and research that will resonate with Australian consumers and help them make the best decisions, whether they're purchasing an air fryer, looking for a new mattress or trying to find the cheapest car insurance. She also helps to drive meaningful change for consumers by collaborating with our Campaings team on content covering issues such as product safety and scams.  Prior to CHOICE, Pru worked as an editor at many of Australia's leading food and lifestyle titles.  Pru has a Bachelor of Arts in Communication (Journalism) from the University of Technology, Sydney. Find Pru on LinkedIn.

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Jonathan Brown

Jonathan Brown worked at CHOICE between 2018 and 2022 as a senior media advisor. You can find him on LinkedIn.

Jonathan Brown worked at CHOICE between 2018 and 2022 as a senior media advisor. You can find him on LinkedIn.