ANZ will give you $500 if you learn to save

The Savers Plus program helps low-income people build better savings habits and money management skills.

Saving money isn’t easy.

For families who are really struggling to save money, however, they could be given a leg up with the ANZ Saver Plus program that provides financial education to help families build the skills to better manage money and save regularly.

Saver Plus, an initiative between the Brotherhood of St Laurence and ANZ and partially the Department of Social Service, is a 10-month program aimed at lower-income families establish long-term savings habits. The initiative also has the backing of various community agencies and charities such as The Smith Family, Berry Street, and The Benevolent Society.

If you get through the 10-month program – which has been running since 2003 – ANZ will actually match your savings up to half a thousand dollars, with the costs to go to funding your or your child’s education.

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So far, the program has helped over 20,000 families and saved people over $23 million since the program’s inception in 2003.

As the program is partially funded by the Department of Social Services, the Saver Plus program costs $0 in fees.

But of course not everyone is eligible for the program. You can join Savers Plus if you meet the following criteria:

• 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.

Applicants will have to apply directly through one of the 60 locations across Australia that deliver the Saver Plus program. They will then be guided through financial literacy education through MoneyMinded workshops designed to help with budgeting and saving.

You also need to identify an education-related item to save up for, like a laptop, music or sports lessons, books, or school uniforms.

After the MoneyMinded training is complete and your savings goal is reached, ANZ matches the amount you’ve saved up (with a limit of $500) to go towards your education item.

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