Helping people save for education8 Feb 2016 - 15:00
Many families are financially stretched over the first few months of the year, as the bills from Christmas, holidays and school begin to mount.
The award winning, DSS-funded program Saver Plus, can help. Saver Plus is a matched savings initiative that has helped more than 30,000 Australians save for educational costs for themselves and their children. The program is one of the largest and longest running matched savings program in the world, with 13 years of success.
Established by the Brotherhood of St Laurence in partnership with the ANZ Bank, Saver Plus helps families and individuals on low incomes build a savings habit and strengthen their financial management skills.
Program participants are linked with community organisations in across Australia, which offer free practical advice on how to save, budget and develop good financial habits.
Participants choose an educational goal, and then make regular savings over a 10-month period. When they reach their goal, ANZ matches their savings dollar-for-dollar up to $500.
Independent research by RMIT University [PDF 816 KB] in 2015 found that 87 per cent of past participants continued to save three years after completing Saver Plus. They also reported having more control of their finances, with 81 per cent saying they felt better equipped to deal with unexpected expenses.
Visit Saver Plus for more information.