As the academic year begins in Australia, many university and TAFE students are seeking financial support through Saver Plus, a well-established financial education and matched savings program. Data indicates that the number of eligible tertiary students enrolling in the program increased significantly last year.
Saver Plus, created by ANZ and the Brotherhood of St. Laurence (BSL) in 2003, operates in partnership with The Smith Family and Berry Street. It is funded by ANZ and the Australian Government's Department of Social Services. The program aims to alleviate education-related financial pressures and promote long-term financial habits. Participants engage in a 10-month program featuring MoneyMinded financial education workshops and receive matched savings from ANZ up to $500 for educational expenses.
BSL’s data reveals a notable rise in participants focusing on their own education expenses, with the entry of more tertiary students into the program from July to December 2024 compared to the same period in 2023. Most participants are enrolled in bachelor's degrees, saving towards technology purchases for their studies.
Since its inception, Saver Plus participants have saved over $31.5 million, with ANZ contributing an additional $26.5 million in matching funds. 84% of participants report maintaining savings habits more than seven years post-participation. They also encourage the next generation to save, with 88% passing on learned skills to family and friends.
A case in point is Gaia, who moved from regional Victoria to Melbourne to study and found Saver Plus pivotal in her financial management. She remarked on the ease of joining the program, noting, “When I first heard about it (Saver Plus), I thought it was going to be something that would be much harder to get involved with because it’s so generous. But it was really, really easy…I didn't find it stressful at all. It was wonderful.”
Travers McLeod, Executive Director of the Brotherhood of St. Laurence, commented: “We know that education costs weigh heavily on the minds of students and families at this time of year, with textbooks, laptops, tools and uniforms to be purchased. Saver Plus is a great way to ease some of that financial stress while building critical lifelong savings habits, budgeting skills and financial confidence.”
Katherine Bray, ANZ's Managing Director of Customer Engagement, stated: “Saver Plus’s annual campaign helps families and individuals ease some of the pressures of study related costs. In recent years, we have seen a significant uptake in tertiary students completing Saver Plus to save for their own education expenses, with their studies ranging from certificate level to doctorate degrees.”
Bray also highlighted that the program’s online expansion has allowed greater access and support for Australians to improve their financial wellbeing and achieve savings goals.
Eligibility for Saver Plus requires participants to have a current Health Care or Pensioner Concession Card, an eligible Centrelink payment, and other regular income. They must be studying themselves or have a child in school, be over 18, and participate in free online financial education workshops.
For further details, interested individuals can visit the Saver Plus page.