Commonwealth Bank revamps financial literary program

A new investment from the Commonwealth Bank aims to help more children learn about money.

The Commonwealth Bank has announced a $40 million injection into the school banking project, which educates youngsters about finances.

Intended to improve the country's financial literacy, the five-year program will target children in primary schools, with 45 school liaison officers working across the country and technological upgrades such as new software to assist.

Children will be able to participate in activities such as online games and savings rewards as they learn about Aussie credit and other elements to Australian banking.

Ralph Norris, head of the Commonwealth Bank, said that the school banking initiative already involves more than 90,000 pupils in 2,500 schools but that the new investment is intended to bring in 1,500 more schools.

This would mean more than 300,000 children would be participating.

Meanwhile, people on low incomes are being helped with a new saver account program being offered by ANZ Bank.

A 96 per cent majority of participants say they have met their targets for saving money or even exceeded them.

By Mark Hornby