Berry Street Saver Plus Program - Making Cents of Money Matters

Published on 17 January 2019

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Saver Plus

Saver Plus is a ten month financial literacy and matched savings program that assists people to build savings for their own or their children's education and in doing so strengthens their capacity to save.

As part of the program, participants receive: 

  • one dollar in matched savings for every one dollar they save, up to $500, for education costs
  • MoneyMinded financial training, and
  • personal support and guidance from a trusted community organisation.

At the end of the program participants use their matched savings to purchase an education-related goal, which can include items like school uniforms, computers, and text books. 

Are you eligible for Saver Plus?

You may be eligible to join Saver Plus if you:

  • Are 18 years or over
  • Have a child at school or attend vocational education yourself
  • Have regular income from paid employment (you or your partner)
  • Have a current Health Care or Pensioner Concession Card
  • Are in receipt of an eligible Commonwealth social security benefit, allowance or payment. Many Centrelink payments are eligible, please contact your local Coordinator for more information.

How it works

Participants:

  • work with their Saver Plus Coordinator to identify an educational item for which they intend to save
  • open an account with their local ANZ branch and begin making deposits
  • attend MoneyMinded workshops to improve their financial management skills
  • continue to make regular deposits into their ANZ Progress Saver account over a 10-month period

Once participants reach their savings goal, participants’ savings are matched dollar for dollar by ANZ, up to $500 for education costs.

Saver Plus is an initiative of the Brotherhood of St Laurence and ANZ, delivered in partnership with Berry Street, The Benevolent Society and The Smith Family, and other local community agencies. The Program is funded by ANZ and the Australian Government Department of Social Services.


Positive program impacts


A report released in May 2018 by ANZ, the Brotherhood of St Laurence and RMIT University, found that:


  • 87% or participants are saving the same amount or more 3 to 7 years after completing the program
  • 80% have more control over their finances
  • 78% are better able to make ends meet
  • 82% are more aware of where to get help with financial decision making
  • 88% have increased self-esteem
  • 83% reported a positive effect on their own or their children’s education experience
  • 69% felt less stressed about the future
  • 100% reported significant increases in life, financial and employment satisfaction

To apply, you need to go to Berry Street's website.

 


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