National savings program eases back-to-school costs
With the school year just around the corner, the Saver Plus program is helping parents around Australia to save for their children’s educational costs.
One of them is mother of two Seema Dakal from St Albans in Victoria, who knows how quickly those back-to-school costs can add up – and continue throughout the year. School books, uniforms and swimming lessons all add to her expenses and in the past she sometimes struggled to save.
But since joining Saver Plus, Ms Dakal has become one of more than 30,000 Australians who have benefited from the matched savings and financial education program where every dollar saved up to $500 for educational costs is matched by ANZ.
An initiative of anti-poverty organisation the Brotherhood of St Laurence and ANZ, Saver Plus helps families and individuals on lower incomes in 60 communities around the country build a savings habit and strengthen their financial management skills. Participants attend financial education workshops, set a savings goal for an educational purpose and save up to $25 a fortnight towards it. Once they have reached their savings goal after 10 months, ANZ matches their savings dollar for dollar, up to $500.
Independent research by RMIT University in 2015 found that three years after completing Saver Plus 87 per cent of past participants continued to save at the same rate or more. Participants also reported having more control over their finances and improved wellbeing after developing the ability to save on a regular basis.
Ms Dakal said: ‘School costs continue to arise but I feel so much more confident about the future now that I have savings and can plan for these costs.’
‘I put a very small amount away every week into a separate account. It is amazing how much this adds up and makes me feel so good that I can save for my family,’ she said.
‘I have learnt the skills that I need to set a budget, shop for the best prices, plan ahead and set limits. While I always knew budgeting was important, no one had ever taught me how. Now I have the skills to keep going! My children are also starting to save.’
The Brotherhood's Senior Manager, Financial Inclusion, Tony Robinson, said: ‘We know that the back-to-school period is very expensive for parents and that many find it hard to afford the essentials required for school. Saver Plus helps them develop financial literacy skills and strengthens their confidence in using mainstream affordable financial services – both help them manage school costs.’
ANZ's Head of Corporate Sustainability and Financial Inclusion, Jane Nash, said: ‘As a result of Saver Plus thousands of lower income Australians have established a savings habit, essential to financial stability and building a brighter future.’
To join Saver Plus, you must have a current Health Care or Pensioner Concession Card, be at least 18 years old, have some regular income from work (you or your partner) and have a child at school or be studying yourself.
Read about Saver Plus
View: a list of Saver Plus locations and a fact sheet on the PDF media release
Media enquiries: Jeannie Zakharov on 0428 391 117