Long-term benefits of our Saver Plus program: RMIT University evaluation findings
An independent study has found 87 per cent of low income families who take part in our Saver Plus program are saving the same amount or more up to seven years after completing it.
An evaluation by RMIT University in Melbourne highlights the long-lasting impact of Saver Plus in establishing a savings habit. Under the program, participants make regular deposits over 10 months towards a savings goal to cover education expenses, as well as attending workshops to build their financial management skills.
When they reach their goal, ANZ matches the amount up to $500.More than 36,000 people have participated since 2003. Of those, 73 per cent said they are now better able to provide for their families. Other key findings from RMIT’s report include that 72 per cent of participants had the total value of their savings increase after the program, while 80 per cent said it helped them gain more control over their finances.The report was launched at ANZ in Melbourne on 16 May.
Our Executive Director Conny Lenneberg and Saver Plus program participant Eleanor were among those who spoke at the launch. ‘For the first time, the research has measured the improvements in financial wellbeing, showing that people who complete Saver Plus are more resilient and have more resources to enjoy life,’ Ms Lenneberg said. ‘The knowledge and skills they develop help with managing their limited financial circumstances, so that they can better deal with any future downturns in their lives, which are often so much harder to overcome if you are on a tight income.’
ANZ Head of Financial Inclusion Michelle Commandeur said ANZ is proud to work with community partners to support thousands of lower-income Australians to build a lasting savings habit. ‘This will equip them to be more in control of their money throughout their lives. Saver Plus has proven that, with the right incentives and support, people can successfully build their financial wellbeing, at the same time as building savings for education for themselves and their children.
Read the RMIT research report Saver Plus: pathways to wellbeing by Roslyn Russell, Jozica Kutin and Mark Stewart 2018.