There is "limited evidence" that school banking programs, which include the Commonwealth Bank's Dollarmites scheme, have a "lasting impact" on the saving behaviour of students.

Key points: ASIC says it is important to understand what impacts school banking programs can have on students

ASIC says it is important to understand what impacts school banking programs can have on students Consumer group Choice is urging schools to ditch Dollarmites, calling it "a thinly veiled marketing program"

Consumer group Choice is urging schools to ditch Dollarmites, calling it "a thinly veiled marketing program" ASIC is calling for public submissions on how such programs are marketed to schools, with a deadline of October 31

That was the corporate watchdog's preliminary view, buried more than halfway down its latest consultation paper.

Nevertheless, the Australian Securities and Investments Commission said it is still seeking input from the public, as part of its ongoing school banking review.

ASIC's inquiry began in October 2018, weeks after the ABC revealed that CBA paid almost $400,000 to Queensland state schools in the previous year to encourage more students to join.

CBA also received a Shonky Award, courtesy of consumer advocacy group Choice, for paying schools commission in exchange for running the Dollarmites program.

"Young people are engaging with money every day and they need to understand financial concepts and develop the skills to identify financial services that are right for them," said ASIC commissioner Sean Hughes.

He also said it was important for ASIC to understand "the range and extent of impacts that school banking programs can have on students, parents and school communities".

Mr Hughes said one purpose of the review was to "ensure the financial sector is delivering for all Australians, and especially for future generations of financial consumers".

However, Choice is strongly opposed to CBA's school banking program and is urging parents and schools to "ditch Dollarmites".

"Commonwealth Bank's Dollarmites program is a thinly veiled marketing program to turn our kids into customers for life," Choice consumer advocate Jonathan Brown said.

According to the consumer group's research, 46 per cent of Australians open their first bank account with CBA — and 34 per cent of people still have that account.

The Dollarmites website includes online games aimed at school-aged children. ( Supplied: Commonwealth Bank )

"ASIC's new research shows that these bank marketing programs have little evidence they work," Mr Brown said.

"If Commonwealth Bank really cared about education we would have a whole generation of Australians feeling secure and financially sound.

"Instead, we've got some of the highest household debt in the world."

The corporate regulator is calling for public submissions on how such programs are marketed to schools — and the types of accounts established through these programs while students are at school and into adulthood.

The deadline for filing a submission is October 31.