MoneySmart Week develops lifelong savings habits

An initiative of the Australian Government Financial Literacy Board and supported by more than 50 organisations across the business, community and government sectors (including the Brotherhood of St Laurence), MoneySmart Week aims to raise awareness of the importance of financial literacy and help people learn simple strategies to achieve their financial goals.

One of The Brotherhood's financial inclusion programs, Saver Plus, was recognised with an Outstanding Achievement Award in the Community Category in last year's MoneySmart Week awards. Saver Plus is an initiative of the Brotherhood and ANZ and is Australia's largest and longest running matched savings and financial education program. The program aims to assist people on low incomes to develop a savings habit and reach a financial goal. Saver Plus combines dollar-for-dollar matched savings (up to $500) with financial education and support from a community organisation.

For low income families, the benefits of saving even small amounts include protection from financial shocks, building confidence in managing money and dealing with financial challenges. Our research has shown that saving even small amounts can provide a tangible buffer against situations that cause long-term hardship and financial stress. Having assets of up to $1,999 significantly reduces the number of hardships experienced.

Evaluations consistently illustrate that Saver Plus has been successful in supporting participants to achieve their savings goals, improve their financial knowledge and plan for the future with research revealing that 83 per cent of participants improve their ability to plan ahead and stay on top of things financially.

Importantly, these skills are being passed on to the next generation, with almost 85 per cent of people who complete the Saver Plus program encouraging other family members to save. Saver Plus has been incredibly successful and shows the act of saving is not only a positive habit, but has provided participants with a sense of achievement and confidence with more than 90 per cent of reported their levels of self esteem had increased.

To celebrate MoneySmart Week, a number of Saver Plus workers will be holding events around the country, including for Brotherhood staff, volunteers and clients to encourage them to take the next step in their finances.

For more information on this event, email Christian Unger at cunger@bsl.org.au

For more information on MoneySmart Week, visit www.moneysmartweek.org.au

For more information on Saver Plus, visit Saver Plus - Brotherhood of St Laurence