The Saver Plus program, a financial education and matched savings initiative, has reached a significant milestone by assisting over 50,000 Australians in improving their financial wellbeing since its inception in 2003. Developed by the Brotherhood of St. Laurence (BSL) and ANZ, the program is designed to help lower-income Australians build financial skills and establish lifelong savings habits. Participants can receive up to $500 in matched savings for education costs.
Since its launch, participants have collectively saved more than $26 million for education-related expenses for themselves and their children. ANZ has contributed over $21 million in matched savings during this period.
In response to the COVID-19 pandemic, an online version of Saver Plus was introduced last year, broadening access to the program across Australia. Kath Bray, ANZ’s Managing Director Retail Banking, stated: “We know there has been a significant increase in the use of technology since COVID-19... This has put extra pressure on families that have previously shared the use of digital devices."
Bray added that they are pleased with supporting participants' transitions and noted that "over the past year more than 2,600 Saver Plus participants were able to save for digital learning devices such as iPads and laptops."
Melinda Moore, Acting Director Community Programs at BSL, highlighted the impact of Saver Plus: “Research shows many participants go on to establish a lasting savings habit that sees them improve their financial wellbeing by developing life-long savings and money management skills.”
A study conducted by RMIT in 2018 found that 87% of Saver Plus participants continued saving at similar or higher levels three to seven years after completing the program.
Jill from Pascoe Vale shared her experience: "I lost my job unfortunately due to COVID-19... Saver Plus helped me improve my financial health." She emphasized how she now feels empowered financially and encourages her daughters to learn about saving money.
Saver Plus is a ten-month program funded by ANZ and the Australian Government. It operates in partnership with The Smith Family, Berry Street, and other local community agencies.