Saver Plus video (2.11 mb)

Saver plus is a financial literacy and matched savings program helping save for their own or their children’s education. As part of the program, participants receive:

• 'Money Minded' financial; education training
• $1 in ‘matched savings’ for every $1 saved, up to $1,000
• Personal support and guidance from a trusted community organisation

Between 2006-2008, a number of organisations are working with the Brotherhood of St Laurence and ANZ to deliver Saver Plus to 5,400 people in 18 communities in Victoria, New South Wales, Queensland and the ACT. These organisations include Saver Plus partners: The Smith Family, Berry Street Victoria, The Benevolent Society and the Victorian State Government; as well as three regional delivery agencies.

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To be eligible to participate in Saver Plus, an individual must:

• Be 18 years or over, either:
  - with a child/children attending a government or independent primary or secondary school in 2007 or 2008
  - OR attending or returning to vocational education where they will receive and accredited vocational education certificate.
• AND Have a current Health Care card or Pension card;
• AND Have regular income from paid employment and produce 2 recent pay slips; and
• AND Be able to demonstrate a capacity to save after regular expenses have been paid;
• AND Live in a region where Saver Plus is being delivered.

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Involvement in Saver Plus enables participants to:

• Identify and work toward an education-related savings goal such as a computer, specialty subject costs, uniforms or textbooks
• Participate in the 'Money Minded' financial education program
  ( http://www.moneyminded.com.au)
• Establish a long-term savings habit by making regular savings deposits during the program
  - participants must save over a 10-18 month period
  - participants can make unlimited deposits although only $100 each month is eligible for matching
• Receive $1 in matched savings for every $1 saved, up to $1,000.

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In 2004 and 2005, the Saver Plus pilot helped more than 660 families successfully establish a savings goal, achieve that goal, purchase educational items and build their financial skills, knowledge and confidence. Together they saved over $617,000 which ANZ then matched.

Independent research by RMIT University also found that Saver Plus participants reported a number of unexpected benefits including increased self esteem, strengthened family and unity and support networks, as well as improved money management skills and attitudes towards savings.

A follow-up study by RMIT has since found that 71 per cent of participants continued to save the same amount or increased their savings level 12 months after completing Saver Plus.

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Janice Peake
Saver Plus Project Worker

Address: 122 Ninth Street, P.O. Box 2527, 3502
Phone: (03) 5023 7243
Mobile: 0437 104 688

Email: janicep@lmhs.com.au