Aussie kids to get savings accounts tips

Monday 23 November 2009

Article by Mozo

Aussie kids are to get lessons in how to make the most out of savings accounts and other financial advice as part of a new banking initiative.

Commonwealth Bank has announced that it is to invest $40 million into running a school program to strengthen the country’s financial literacy.

Entitled onemillionkids, the institution hopes to educate a million children through the scheme over the next five years.

Commonwealth Bank chief executive officer Ralph Norris pointed out that the firm has been teaching youngsters about money matters for 80 years, but with the changing global circumstances, the issues have become more complex.

"Financial literacy is an important life skill and the earlier kids start learning good savings habits, the better equipped they will become," he remarked.

Meanwhile, the bank recently increased the interest rates on a number of deposit and variable mortgage accounts, which may be of interest to those looking to compare home loans.

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