Our Saver Plus program is having a major impact on participants’ financial skills, knowledge and their wellbeing. The micro savings program is designed to develop money management skills and savings habits among people on low incomes.
New research by RMIT University shows that being in control of household finances lowers stress and improves confidence. 84 per cent of Saver Plus participants said they were better able to deal with financial problems, demonstrating that savings can provide a buffer against situations that lead to long-term financial hardship.
"I used Saver Plus to teach my son about saving. We worked together to save the monthly amounts towards his laptop for high school … the program was a tool to teach my son about budgeting and saving and setting a goal," said Saver Plus participant Michelle.
Saver Plus was developed by the Brotherhood of St Laurence and ANZ and is delivered in partnership with The Smith Family, The Benevolent Society, Berry Street and other community organisations.
The latest Saver Plus research report was launched by Jenny Macklin, Minister for Families, Community Services and Indigenous Affairs, Tony Nicholson, Executive Director, Brotherhood of St Laurence and Mark Hand, ANZ Managing Director Retail Distribution.
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