ANZ and the Brotherhood of St. Laurence have acknowledged the Australian Government's decision to invest over $50 million in the Saver Plus program over the next five years. This investment is aimed at expanding the program's reach and helping more Australians develop essential financial skills and savings habits.
Saver Plus, established by ANZ and the Brotherhood of St. Laurence, is delivered in collaboration with the Smith Family and Berry Street. It is recognized as the largest and longest-running financial education and savings initiative globally. Since its inception in 2003, it has helped more than 64,000 participants save over $31.5 million, with ANZ contributing an additional $26.5 million through matched savings.
ANZ CEO Shayne Elliott expressed appreciation for the government's commitment, saying, "We welcome the additional funding commitment and ongoing support for Saver Plus from the Australian Government. This new funding will help to expand Saver Plus and support more Australian families and individuals to improve their financial wellbeing.”
Brotherhood of St. Laurence Executive Director, Travers McLeod, highlighted the program's success: “We are proud of what we’ve achieved through the Saver Plus program with ANZ and our long-standing partners. Delivered by Brotherhood of St. Laurence, The Smith Family and Berry Street to communities across Australia and supported by funding from ANZ and the Australian Government, Saver Plus has helped over 64,000 participants take control of their financial wellbeing and build overall confidence.”
Minister for Social Services Amanda Rishworth noted the government’s efforts to assist financially stressed Australians, saying, “The Albanese Labor Government is doing more than ever to help Australians experiencing financial stress and expected hardship. We’re proud to continue our partnership with ANZ and the Brotherhood of St. Laurence to help low-income Australians navigate financial crises and build a stronger, more secure future for themselves, their families and communities.”
The program’s effectiveness is exemplified by participants like Melissa, a single parent who gained financial confidence through Saver Plus. “I’m not scared now… to set financial goals. It has given me confidence to ‘want’ money, and to feel worthy of having money,” she shared.
Saver Plus offers a ten-month online program that combines goal setting, incentives, and personal support to assist participants in reaching their savings objectives. Those who complete the program have their savings matched up to $500 by ANZ. Notably, 84% of participants continue to save more than seven years after completing the program.
In 2023, the program expanded its accessibility from 60 physical locations to a nationwide online model, supported by additional government funding.
Further details, including eligibility criteria, are available on the Saver Plus and ANZ websites.