Lower-income families tackle school IT costs with national savings program
Lower-income families taking part in a national matched-savings program are spending more of those savings on laptops and IT than on school books as technology becomes a classroom essential. Education savings program Saver Plus, developed by the Brotherhood of St Laurence and ANZ, has seen a marked rise in participants using their matched savings for technology.
Participants set a savings goal for school costs, make regular deposits into a savings account over 10 months, and attend financial educations workshops. At the end of the program their savings are matched by ANZ, dollar for dollar, up to $500. In the five years from 2012 to 2016 the number of claims for digital devices – such as a laptops or tablets - has increased from 37 per cent to 52 per cent. That’s far more than claims for the next most popular categories – uniforms and shoes at 22 per cent, lesson fees and equipment at 16 per cent and books at just nine per cent.
Mother of four Krystle McKinley says she joined Saver Plus to save for a laptop for her eldest daughter Hayley, 11, who will start high school this year. “Hayley’s high school has a ‘bring your own device’ system. Without a laptop she wouldn’t be able to complete assignments or sit exams. Even my younger children need access to a computer and the internet to do homework,” she said.
Brotherhood Executive Director Tony Nicholson says it’s common to see laptops and tablets on the stationery list as schools adapt to the digital age. “This can put pressure on lower-income families, who before school even starts find themselves spending hundreds of dollars so their children have the technology needed for their studies.
Saver Plus helps families save for those costs and reduce the pressure on household budgets,” he said. Since 2003 more than 32,000 people have saved with Saver Plus. Independent research by RMIT University found that three years after completing Saver Plus 87 per cent of participants continued to save. Participants also reported having more control over their finances and improved wellbeing. ANZ Group Executive Australia Fred Ohlsson says ANZ is proud to be assisting thousands of lower- income Australians to achieve long term financial stability.
“Saver Plus helps participants develop financial literacy skills, establish a savings habit and strengthen confidence to access mainstream affordable financial services. This contributes to financial stability for their families, an asset with benefits that go well beyond back-to-school time,” he said.
Saver Plus is funded by ANZ and the Australian Government and is delivered in 60 communities across Australia. Participants must have a Centrelink healthcare or pensioner concession card, a child at school or be attending vocational education themselves, and regular household income from paid employment.
Enquiries can be made on 1300 610 355 or via www.saverplus.org.au
Media Enquiries:
Sharon Lee, Brotherhood of St Laurence, (03) 9483 1329 , Sharon.Lee(at)bsl.org.au
Phoebe O’Sullivan, ANZ, 0466 533 682 or Phoebe.O'Sullivan(at)anz.com