Our take on Dollarmites marketing
Slick bank marketing programs like Dollarmites hope to convert primary school students into long-term customers. We've found that 35% of Australian adults still have their first bank account and this brand attachment often means they take out credit cards, home loans or other products with the same bank.
This is big business for the Commonwealth Bank – an analyst recently estimated its school marketing program to be worth $9.9 billion. With 46% of people getting their first account with the Commonwealth Bank, it's a testament to the power of schemes like Dollarmites.
While most people would agree that letting a huge company buy its way directly into the education system is ludicrous, we still permit virtually unlimited access to young children from some of the worst corporate offenders in the country.