Saver Plus - Corporate Responsibility

Saver Plus

Making Saving a Lifetime Habit

Saver Plus is a program that helps people on low incomes establish a long-term savings habit. It is delivered by a number of community organisations in partnership with ANZ. Participants in the program set a savings goal and receive financial education and support in reaching their goal. Once they reach their savings goal, ANZ matches their savings dollar-for-dollar up to $1,000.

The Saver Plus Story

Saver Plus was developed jointly by ANZ and the Brotherhood of St Laurence. It was piloted in 2003, after ANZ's research into adult financial literacy demonstrated a correlation between low levels of saving and lower than average financial literacy.

Since 2003, the program has been extended through partnerships with Berry Street, The Smith Family, The Benevolent Society and the Victorian Government. Saver Plus is now offered in 20 locations across Victoria, NSW, Queensland, Tasmania and the ACT. More than 4,600 people have participated in the program which has received numerous awards.

A 2008 study conducted by RMIT University found that Saver Plus "has the highest level of success of any international matched savings program," with 96% of participants meeting or exceeding their savings goals, and about 70% of past participants continuing to save the same amount or more 2-3 years after completing the program.

Latest News

'A little idea ... with big results' (PDF 2.66MB): Read why ANZ and the Brotherhood of St Laurence developed Saver Plus and about the powerful impact it is having on the lives of thousands of low income earners.

Saver Plus research (PDF 364kB): Read research conducted by RMIT University which suggests Saver Plus is best practice when compared to other similar programs around the world.

How It Works

People apply to join Saver Plus through one of our community partners, who determine whether they meet the eligibility criteria. On being accepted into the program, participants set a savings goal with help from a Saver Plus Worker. They also open a Progress Saver Account at a local ANZ branch.

During the program, participants attend 10 hours of financial education workshops explaining the basics of money management. They make regular deposits into their ANZ account over a 10-18 month period, and keep in contact with their Saver Plus Worker.

Once participants reach their savings goal, ANZ matches their savings dollar-for-dollar, up to $1,000. Participants use this money for their children's (or their own) education costs such as computers, uniforms, books and sports equipment.

Our partners
ANZ is working with four community partners and the Victorian State Government to offer Saver Plus in 20 communities - inner-city, suburban, regional and rural - in Victoria, NSW, Queensland, Tasmania and the ACT. People apply to participate in Saver Plus through our community partners, and receive support from them throughout the program. Our community partners are: Brotherhood of St Laurence (Vic) The Benevolent Society (NSW) Berry Street Victoria (Vic) The Smith Family (Qld, NSW, ACT, Tas)

Our partners

ANZ is working with four community partners and the Victorian State Government to offer Saver Plus in 20 communities - inner-city, suburban, regional and rural - in Victoria, NSW, Queensland, Tasmania and the ACT.

People apply to participate in Saver Plus through our community partners, and receive support from them throughout the program. Our community partners are:

ANZ staff and Saver Plus
ANZ staff have an important role in the success of Saver Plus. Staff need to be well-informed about the program so they can make the process of opening and maintaining a Progress Saver account as positive as possible for participants. Many of our staff go further and become actively involved in supporting Saver Plus in their local communities, for example by assisting with financial literacy training. Donna Chalmers, local CEO in ACT shares her experience with the program: "Myself and some of our staff in leadership roles attend the final session of the Saver Plus programs and are available to answer general banking questions. We find it personally very rewarding as it is a real contribution to the community. The 'bank expert' session is regularly recognised on the participants program evaluation form as one of the most valuable."

ANZ staff and Saver Plus

ANZ staff have an important role in the success of Saver Plus. Staff need to be well-informed about the program so they can make the process of opening and maintaining a Progress Saver account as positive as possible for participants.

Many of our staff go further and become actively involved in supporting Saver Plus in their local communities, for example by assisting with financial literacy training. Donna Chalmers, local CEO in ACT shares her experience with the program:

"Myself and some of our staff in leadership roles attend the final session of the Saver Plus programs and are available to answer general banking questions. We find it personally very rewarding as it is a real contribution to the community. The 'bank expert' session is regularly recognised on the participants program evaluation form as one of the most valuable."

Case study
Linda wasn't sure what to make of Saver Plus when she first heard about it through her daughter's school: "At first I thought 'What's the catch?', but I was willing to give it a go...Once I started the program, I realised there was no catch and it really was about helping people out. "With the savings I made, plus the amount matched by ANZ, I was able to buy my children a computer for their schoolwork. It's a long time now since I finished Saver Plus, but I'm still saving the same amount every week."

Case study

Linda wasn't sure what to make of Saver Plus when she first heard about it through her daughter's school:

"At first I thought 'What's the catch?', but I was willing to give it a go...Once I started the program, I realised there was no catch and it really was about helping people out.

"With the savings I made, plus the amount matched by ANZ, I was able to buy my children a computer for their schoolwork. It's a long time now since I finished Saver Plus, but I'm still saving the same amount every week."

Progress in 2008

2008 marked the five year anniversary of Saver Plus. It was a good time to measure the long-term achievements of the program, so ANZ commissioned a study by Dr Roslyn Russell of RMIT University, comparing Saver Plus to other matched savings programs around the world.

The study found that Saver Plus "clearly demonstrates best practice" in a number of areas. The program has been a positive experience for participants: it enhances confidence and self-esteem, changes attitudes to money, and gives participants life skills they can pass on to their children.

But there are also more measurable results: 96% of Saver Plus participants meet or exceed their savings goal, and 70% are still saving the same amount or more 2 to 3 years later, demonstrating that the savings habit is continuing. Download the full report (PDF 436kB).

Saver Plus was expanded in 2008 to 20 locations, including Tasmania for the first time, with the assistance of the Tasmanian Community Fund. 1,585 people joined the program in this year, meeting our goal of 1500 participants.

In the past five years, ANZ has invested more than $7.6 million in the development, expansion and matching of savings for Saver Plus. More than 3,800 people, saving a total of almost $3.5 million, have participated in Saver Plus since it began.

Number of Saver Plus Participants by Year

ANZ Investment in Saver Plus

Information About Saver Plus Participants

Total Amount Deposited by Saver Plus

The future

The success of the Saver Plus program means we are committed to expanding it further in conjunction with our partners and other agencies who share our objective of improving the financial and social inclusion of disadvantaged communities.

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