Considered the world’s largest and longest-running financial education and matched savings program, Saver Plus is expanding from its current 60 sites, providing more opportunities for Australians to receive up to $500 in matched savings from ANZ and gain financial skills.
How Saver Plus works
Saver Plus is a 10-month program that provides financial education through ANZ’s MoneyMinded program.
Eligible participants set their savings goals for education-related items, and they must open an ANZ Progress Saver account which they will need to regularly fund over the next 10 months. The list of all eligible savings goals can be found here.
Over the course of the program, they must complete all the required financial and education workshops under ANZ’s MoneyMinded program.
After completing the course and reaching their savings goals, participants will be able to receive up to $500 in matched savings from ANZ.
Who can access Saver Plus?
The national roll-out will see the program be available through a fully online model, which improves its accessibility to a wider range of potential participants across the country.
To be able to participate in the program, an individual must meet the following requirements:
- They must be at least 18 years old.
- They must have a current Health Care or Pensioner Concession Card and an eligible Centrelink payment.
- They must be studying or have a child in school.
- They must have regular income from work (either themselves or their partners).
ANZ CEO Shayne Elliott said the expansion of the program presents a crucial opportunity to assist Australians in developing savings habits and achieve their financial goals.
“A lot has changed since this partnership started, but the shared goal to help lower-income Australians build financial skills and develop life-long positive financial habits remains,” he said.
“We’re excited to work with broader communities to continue to support the financial wellbeing of Australians for many years to come.”
According to ANZ, Saver Plus participants were able to increase their financial wellbeing scores, on average, by 77% to 64%, which was higher than the average Australian financial wellbeing score of 59%.
Saver Plus was initially launched in 2003 by the Brotherhood of St. Laurence and ANZ in partnership with The Smith Family and Berry Street.
The program is funded through a collaboration between ANZ and the Australian Government Department of Social Services.
Since its inception, Saver Plus has seen more than $28m saved by more than 57,000 Australians who were able improve their financial wellbeing.
Meanwhile, ANZ has matched and paid more than $23m to participants to help pay for education-related costs.