Hey Kids, Let’s Learn about Credit Cards!
Dear Scott
I am a teacher and I just got an email which made me angry, and I have you to blame... or should I say thank? You see, our children are attending a compulsory ‘StartSmart’ lesson once a week hosted by the Commonwealth Bank. I looked at the program for Year 3, and what is the very first concept they mention? You guessed it, credit cards! I will be attending the session with my students and I can already feel the rage inside.
Narelle
Hi Narelle,
They’re talking to eight-year-olds about credit cards?
That’s kind of … shocking.And the concept of compulsory corporate-branded education reminds me of ‘Hamburglar University’.
However, you’re a teacher, which means you can be a force for good. You can stand up and fight for your kids. If I were in your shoes, I’d talk to your principal about kicking the CBA out of your school ... and use it as a financial lesson for the kids.Here’s how you can explain it to your students:
“The CBA has spent millions of dollars of their shareholders’ money buying their way into classrooms.
“Their motivation is to make that money back by signing you up to be their customer.
“One of the bank’s most profitable products is a credit card, and when you turn 18 they’ll likely send you one.
“The bank brings mascots to assemblies, like ‘Cred’, which make credit cards sound normal.
“However, the truth is that you should avoid them.
“This week ASIC released a report that showed that one in six people are caught in what they call a credit card ‘debt trap’. Worse, they found that young people’s credit card debts were ‘of particular concern’, and that they ‘were more likely to be in delinquency, and multiple cards were over-represented’.
“The CBA will never tell you that they’re ‘debt traps’, because it’s how they make their money.
“However, that’s not independent education; it’s really just another form of marketing. And that’s the reason we decided to kick the CBA out of our school.
“Now that would be a fantastic financial lesson!
Scott
