Australia and New Zealand Banking Group Limited ABN 11 005 357 522
For Release: 16 October 2009
Low-income savings program to expand
nationally through $13.5 million Federal funding
The Benevolent Society and ANZ, along with community partners The Brotherhood of St
Laurence, Berry Street and The Smith Family, welcomed today’s announcement by the Prime
Minister, Kevin Rudd, to provide $33 million in Federal funding for innovative projects that build
financial resilience.
The funding, from the Department of Families, Housing, Community Services and Indigenous
Affairs includes $13.5 million to expand the Saver Plus program. Saver Plus is a matched savings
and financial literacy program for people on low incomes, which is currently delivered from 20
locations across Australia. The funding will more than double the program’s reach by making it
available from more than 50 sites, assisting an additional 7,600 people by 2011.
The Benevolent Society Chief Executive Officer, Richard Spencer said: “Saver Plus is a program
with proven effectiveness because it builds people’s budgeting and financial skills that will help
them manage their money in the long term, and avoid the stresses of making ends meet.”
“We’re pleased that this program is set to expand as it’s an effective and practical way of helping
low-income families who are battling financially, and we know there are many more people and
communities who could benefit from it,” Mr Spencer said.
ANZ Chief Executive Officer, Mike Smith, said: “This is an exciting development to assist people
on low incomes by encouraging them to save and build a better life.
“Working with our community partners, including The Benevolent Society in New South Wales, has
allowed us to bring the Saver Plus program to thousands of Australians. It’s great to see the value
of their work and the positive impact it has had on so many individuals and families recognised
through this important Government initiative.
"Saver Plus is part of our Corporate Responsibility strategy to create pathways to individual
prosperity for disadvantaged communities, and together with our community partners I’m very
pleased to see Government participation in the program.” Mr Smith said.
Recent RMIT research¹ found that Saver Plus is highly effective at building financial literacy skills
and establishing a savings habit with people on low-incomes. RMIT also found the education
experiences of participants and their families improved because they spend their matched savings
on educational items, with the most commonly purchased items including computers, school
uniforms, textbooks, music and sport.
Saver Plus has already assisted more than 5,000 people to save more than $4 million, with
matched savings provided by ANZ of $4 million.
1
Russell, R, Harlim, J and Brooks, R. Saver Plus 2008 follow-up survey results - Saving behaviour of past
Saver Plus participants, RMIT University, Melbourne, May 2008.
For media enquiries contact:
Cherelle Murphy
Senior Manager Media Relations
Tel: +61-3-9273 6190
Email: cherelle.murphy@anz.com
Erin Schrieber
Media Relations Officer, The Benevolent Society
Tel: +61-2-9339 9325
Email : erins@bensoc.org.au
Notes to editors – about Saver Plus
Saver Plus directly targets people traditionally excluded from mainstream banking including low-
income women and sole parents.
Participants set an education-related savings goal and receive financial education and personal
coaching to assist them to reach their goal over 10 months. As an incentive to save, ANZ matches
participants’ savings dollar for dollar.
Saver Plus was launched in response to ANZ research into financial exclusion that showed six per
cent of Australians, and particularly those on low incomes, were fully or partially excluded from
appropriate, low cost, fair and safe financial products and services.
Independent research conducted by RMIT shows that Saver Plus is highly effective at assisting
people to build their financial literacy skills and establish a long term savings habit. The most
recent research² indicates that:
96 per cent of participants have successfully met or exceeded their savings goal
More than 70 per cent have continued saving at the same rate or more, long after
completing the program
More than 48 per cent of participants who met or exceeded their saving goal,
decreased their level of debt during the program.
Saver Plus was developed by ANZ and the Brotherhood of St Laurence. Other community
organisations involved in the partnership include The Smith Family, Berry Street and The
Benevolent Society. The program is also delivered by Jewish Care Victoria, Loddon Mallee
Housing Services, Bethany Community Support and Ballarat Group Training.
2
Russell, R, Harlim, J and Brooks, R. Saver Plus 2008 follow-up survey results - Saving behaviour of past
Saver Plus participants, RMIT University, Melbourne, May 2008.
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