With cashless purchases on the rise Commonwealth Bank of Australia
(ASX:CBA) will pour $50 million into expanding financial education programs over the next three years.
Australia’s biggest bank says the move comes following new research showing that an increasingly cashless society is impacting the way children understand the value of money.
CBA’s StartSmart workshop is aiming to double its reach by 2016, allowing 500,000 children to complete the free financial literacy workshop every year.
The bank established StartSmart eight years ago and says its new program will include an enhanced curriculum focused on both digital money and traditional financial literacy skills.
Commonwealth Bank reported a record net profit of $8.65 billion in the 2014 financial year.
