Saver program a plus for families

A PROGRAM to help low-income families save money is expanding its services to Cranbourne.
Saver Plus, run by the Brotherhood of St Laurence, ANZ Bank and the Victorian Government, helps participants save for future education, also rewarding their efforts by matching every $1 they save with another $1 (up to $1000).
The Brotherhood is currently looking for 150 families to join the program, which runs over the next year.
The Brotherhood of St Laurence’s local relationship manager, Dawn Dalgarno, said Saver Plus helped people break the cycle of disadvantage.
“Saver Plus reduces stress on families by alleviating the financial burden of school costs, such as new uniforms, textbooks and excursions,” Ms Dalgarno said.
“It also gives families the capacity to create a small financial buffer for difficult times by teaching them skills to help themselves and create new saving behaviours.”
Now spread across six Victorian locations, Saver Plus has helped 668 Australian families save $617,000 and receive more than $1,092,000 in matched savings for educational purposes since the program started in 2002.
Ms Dalgarno said research had shown that more than 71 per cent of Saver Plus participants continued to save the same amount or more 12 months after attending the program.
ANZ Dandenong chief executive, Veronica Tavares, said at ANZ they had seen the difference Saver Plus had made to the lives of past participants.
“In addition to saving and improving financial skills and knowledge, past participants have also reported unexpected benefits such as increased self-esteem, strengthened family unity and support networks,” Ms Tavares said.
Eligible participants must be over 18 years of age and have a Health Care or Pension Card, earnings from paid employment, and a proven capacity to save.
They must also have children currently enrolled in a school in the Cranbourne or surrounding areas, or be attending or returning to vocational education themselves.
For more details contact Saver Plus relationship manager Dawn Dalgarno on 9781 5724.