This report presents an evaluation of Saver Plus, a financial education and matched savings program developed by ANZ and the Brotherhood of St Laurence in 2003.
To date, over 36,000 people have completed Saver Plus across 60 locations in Australia. This evaluation includes a sample of participants enrolled from 2009 to 2016. ANZ and the Brotherhood of St Laurence partner with key community organisations to develop and deliver Saver Plus. The partner organisations are: The Benevolent Society, Berry Street and The Smith Family. Ballarat Group Training, Bethany and Jewish Care Victoria also deliver the program.
The Australian Government has supported Saver Plus since 2009. The Saver Plus model reflects best practice in community-business-government partnership. Participants in Saver Plus are enrolled for 10 months, save regularly towards purchasing an education product for themselves or their child(ren) and have their savings matched at a rate of 1:1 (up to a capped amount of $500 per participant). Participants complete financial education (ANZ’s MoneyMinded program), and receive support from a community organisation.
In this evaluation we explored changes to participants’ saving behaviour, financial capabilities and financial wellbeing.
- 87% of survey respondents were saving the same amount or more 3 to 7 years after completing Saver Plus.
Value of savings and assets:
- 72% of survey respondents reported that the total value of their savings and assets had increased since completing Saver Plus.
- 78% of survey respondents were better able to make ends meet after participating in Saver Plus
- 73% of survey respondents were better able to provide for their families
- 80% of survey respondents reported that Saver Plus helped them gain more control over their finances
- Saver Plus helped survey respondents extend their planning timeframes. Before Saver Plus, 63% of respondents reported planning their savings and spending over less than a fortnight period. After the program, all but 23% were now planning over a longer timeframe
- 86% of survey respondents said they now shopped around more when buying products or services
- 82% of survey respondents were more aware of where to get help with financial decision-making
- 80% of survey respondents reported having a better understanding of the range of financial products available than they did prior to participating in Saver Plus.
Produced by the librarians at the Brotherhood of St Laurence in Melbourne, Australia