Federal Government support will help ANZ, the Brotherhood of St Laurence, and other partners to more than double the reach of the Saver Plus matched savings and financial literacy program to an additional 7,000 people on low incomes by 2011.
Prime Minister Kevin Rudd announced $13.5 million in funding for the program as part of the Federal Government’s $50 million initiative to build better financial capability and resilience in the community.
The Brotherhood of St Laurence and other Saver Plus partners the Benevolent Society, The Smith Family and Berry Street, have worked with ANZ to establish a proven model to help people on low incomes develop a long-term savings habit.
“Together we have helped thousands of low income Australians and it’s great to see the work of our partners recognised through this important Federal Government initiative,” said Managing Director Retail Products John Harries.
Saver Plus gives people on low incomes an opportunity improve their financial skills and build a long-term savings habit. When participants achieve their savings goal, and participate in financial literacy workshops, ANZ matches their savings dollar-for-dollar. Research shows 96 per cent of participants successfully meet or exceed their savings goal and 70 per cent continue saving the same amount or more long after completing the program.
You need Adobe Reader to view PDF files. You can download Adobe Reader free of charge.