ANZ’s SaverPlus giving away cash

The Saver Plus program was developed by ANZ and the Brotherhood of St Laurence in 2002. Other charities are also involved in the program that gives low income earners, particularly single mothers, $1000 towards educational expenses when they save $1000.

So far ANZ has given away a total of four million dollars to people who have met their savings goals. Some 96 per cent of participants reach or exceed their savings goal and seventy per cent maintain their savings habits after they have completed the program.

The Saver plus program has recently received a big increase in funding from the federal government. An extra $13.5 million will allow the program to be expanded to more sites.

An extra 7,500 low income earners will benefit from the expanded program. ANZ is also budgeting to give away another ten million dollars to people who reach their savings goals.

Jody, a single mother from the Gold Coast, joined Saver Plus in October 2007 to get into the habit of saving on a regular basis and to help pay for her further education.

“Initially it was hard to save, but once I got into a regular saving habit it became easier. It was rewarding to watch the money grow,” Jody said.

“Rather than giving into my children and buying takeaway food or treats when I was at the supermarket, I am now in the habit of putting extra money into my savings account. Now the kids are asking me questions about saving. This will only increase as they get older and want to save for bigger things, like a first car.”

Jody put her $2,000 towards studying Certificate III in Education Support and bought a laptop for her children.

Source: Courier Mail