Saver Plus at 21: building resilience that lasts

This report builds on previous Saver Plus evaluations and investigates the impact of Saver Plus after 21 years of delivery, exploring the long-term impact of the program on savings, financial skills and confidence. We also explore the effect of these changes on overall resilience.

At a glance

Saver Plus has continued to help low-income participants overcome barriers to saving and build financial skills and confidence. These changes have enabled participants to build long-term savings, reduce financial stress and improve overall confidence and wellbeing.

In undertaking this evaluation, we surveyed 953 previous Saver Plus participants between November and December 2023 to understand their financial situation, behaviours and attitudes following the program. We conducted in-depth interviews with 25 past participants in early 2024. Program data, including enrolment and budget data, were also analysed.

Dive deeper

After 21 years, Saver Plus continues to deliver long-term benefits, helping participants build long-term savings habit:

• 84% of respondents surveyed were still saving, including 63% saving regularly (e.g. saving a fixed amount every month) and 21% were saving odd amounts when they could).
• Participants who completed the program more than 7 years ago were most likely to still be saving regularly.

The financial capability education delivered through the Saver Plus helped improve financial behaviours and decision making and ultimately financial wellbeing. For example:

• 85% agreed they are better able to provide for their families.
• 92% of respondents shopped around more after the program when buying products or services.
• 87% were more aware of where to get help with financial decision-making.

Saver Plus creates a community of low-income savers, helping participants recognise they are managing well, in often tough financial circumstances, removing the shame that can come from a poor financial situation. In this way, Saver Plus helped build financial confidence and control:

• 87% felt more control over their finances.
• 92% felt that achieving their goal helped them feel more confident generally.

Many past participants had been impacted by shocks such as increased cost of living, ill health or employment loss, reducing their financial wellbeing. Saver Plus helped participants build resilience, limiting the depth and duration of financial shocks on wellbeing and support recovery:

• 74% of survey respondents reported that the program had helped them manage a shock. 

In addition:

• 55% said having a savings buffer helped
• 51% said improved financial skills and confidence helped.

Saver Plus helped create a new generation of savers, with 88% of respondents encouraging their children and families to save.