The ANZ website contains the following tabs:
Saver Plus - Corporate Responsibility
Saver Plus
Our approach
Making saving a lifetime habit
Saver Plus is a program that helps people on low incomes establish a long-term savings habit. It is delivered by a number of community organisations in partnership with ANZ. Participants in the program set a savings goal and receive financial education and support in reaching their goal. Once they reach their savings goal, ANZ matches their savings dollar-for-dollar up to $500.
| The Saver Plus story |
|---|
|
Saver Plus was developed jointly by ANZ and the Brotherhood of St Laurence. It was piloted in 2003, after ANZ's research into adult financial literacy demonstrated a correlation between low levels of saving and lower than average financial literacy. Since 2003, the program has been extended through partnerships with Berry Street, The Smith Family, The Benevolent Society, the Victorian and the Australian Governments. More than 5,000 people have participated in the program which has received numerous awards. Thanks to funding from the Australian Government, ANZ is working with our community partners to establish new sites in every Australian state and territory. A 2008 study conducted by RMIT University found that Saver Plus "has the highest level of success of any international matched savings program", with 96% of participants meeting or exceeding their savings goals, and about 70% of past participants continuing to save the same amount or more 2-3 years after completing the program. |
| How it works |
|---|
|
People can apply to join Saver Plus through by contacting the local community organisation (PDF 174kB) delivering Saver Plus in their region. On being accepted into the program, participants set a savings goal with help from a Saver Plus Worker. They also open an ANZ Progress Saver Account at a local ANZ branch. During the program, participants attend 10 hours of financial education workshops explaining the basics of money management. They make regular deposits into their ANZ account over a 10 month period, and keep in contact with their Saver Plus Worker. Once participants reach their savings goal, ANZ matches their savings dollar-for-dollar, up to $500. Participants use this money for their children's (or their own) education costs such as computers, uniforms, books and sports equipment. |
| Our partners |
|---|
|
ANZ is working with community partners and the Australian Government to offer Saver Plus in 60 communities across every state and territory. People apply to participate in Saver Plus by contacting the local community organisation (PDF 108kB) delivering Saver Plus in their region. |
| ANZ staff and Saver Plus |
|---|
|
ANZ staff have an important role in the success of Saver Plus. Staff need to be well-informed about the program so they can make the process of opening and maintaining a Progress Saver account as positive as possible for participants. Many of our staff go further and become actively involved in supporting Saver Plus in their local communities, for example by assisting with financial literacy training. Our branch in Shepparton, Victoria has been working closely with our community partner Berry Street to increase local participation in Saver Plus. Shepparton Branch Manager, Donna Anderson, says that being involved in the program has been extremely rewarding. "The program is achieving fantastic outcomes and is really assisting people to strengthen their financial skills and confidence. At the same time, it is great for our customers to hear about the investment that ANZ is making in their local area. It has really helped to raise the profile of our branch in the community. It is a win-win situation," Donna said. |
Latest news
- Understanding the success of Saver Plus (PDF 124kB): read Chant Link & Associates research into what has driven the success of Saver Plus, using behavioural economic frameworks as a basis for interpretation.
- Saver Plus Phase III: 2006-2009 Summary Report (PDF 351kB): read results of the Saver Plus evaluation conducted by RMIT University which identify program outcomes and confirm the program's success.
- A little idea ... with big results (PDF 2.66MB): read why ANZ and the Brotherhood of St Laurence developed Saver Plus and about the powerful impact it is having on the lives of thousands of low income earners.
- Saver Plus research (PDF 364kB): read research conducted by RMIT University which suggests Saver Plus is best practice when compared to other similar programs around the world.
2009 results
The Australian Prime Minister, Kevin Rudd announced in October $13.5 million in funding for the Saver Plus program as part of the Federal Government's $50 million initiative to build better financial capability and resilience in the community. The Australian Government support will help ANZ, the Brotherhood of St Laurence, and other partners to more than double the reach of the Saver Plus matched savings and financial literacy program to an additional 7,600 people on low incomes by 2011.
The Brotherhood of St Laurence and other Saver Plus partners the Benevolent Society, The Smith Family and Berry Street, will work with ANZ to expand the reach of Saver Plus.
Our community partners enrolled 1,192 participants in the Saver Plus matched savings and financial literacy program this year, compared to our target of 1,500 participants. Recruitment proved more difficult than in previous periods with some partners advising that general financial insecurity for low-income people had impacted overall recruitment rates.
New research
In November 2009 Dr Roslyn Russell of RMIT University produced a new evaluation report (PDF 351kB) on the Saver Plus program, for the period 1 April 2006 to 30 June 2009. The evaluation confirmed the success of Saver Plus in assisting participants in achieving a savings goal. Key findings include:
- participants consistently report increased confidence, reduced stress and greater control over their lives as a result of their savings success - 82.7 per cent completed and received matched funds
- 96 per cent of participants who completed the program met or exceed their savings goal
- the most commonly saved for items were computers or computer-related equipment
- 84.5 per cent of participants who met or exceeded their goal were able to decrease their levels of debt during the program.
In November 2009 Chant Link & Associates conducted a study of Saver Plus (PDF 124kB), providing new insights into why savings programs like Saver Plus can develop long-term savings behaviour and overcome factors which can lead to irrational financial decision-making.
Key findings of the research included:
- a financial incentive provided a strong motivator to overcome the 'preference for the immediate' and provided a 'hook' to encourage people to join Saver Plus
- individuals have a tendency to make inconsistent choices, depending on how an offer is 'framed'. Care should be taken in setting maximum savings goals that may seem unrealistic for some prospective participants
- Linking behavioural goals with an emotional driver, such as saving for the needs of family or children, makes for a powerful combination and a strong motivator for changing financial habits.
The future
We will work with our community partners and the Australian Government to reach a further 7,600 people with our Saver Plus program over two years. Recommendations from the recent study into the success of Saver Plus will inform this expansion.
2008 results
2008 marked the five year anniversary of Saver Plus. It was a good time to measure the long-term achievements of the program, so ANZ commissioned a study by Dr Roslyn Russell of RMIT University, comparing Saver Plus to other matched savings programs around the world.
The study found that Saver Plus "clearly demonstrates best practice" in a number of areas. The program has been a positive experience for participants: it enhances confidence and self-esteem, changes attitudes to money, and gives participants life skills they can pass on to their children.
But there are also more measurable results: 96% of Saver Plus participants meet or exceed their savings goal, and 70% are still saving the same amount or more 2 to 3 years later, demonstrating that the savings habit is continuing. Download the full report (PDF 436kB).
Saver Plus was expanded in 2008 to 20 locations, including Tasmania for the first time, with the assistance of the Tasmanian Community Fund. 1,585 people joined the program in this year, meeting our goal of 1500 participants.
In the past five years, ANZ has invested more than $7.6 million in the development, expansion and matching of savings for Saver Plus. More than 3,800 people, saving a total of almost $3.5 million, have participated in Saver Plus since it began.
The future
The success of the Saver Plus program means we are committed to expanding it further in conjunction with our partners and other agencies who share our objective of improving the financial and social inclusion of disadvantaged communities.
You need Adobe Reader to view PDF files. You can download Adobe Reader free of charge.
© Australia and New Zealand Banking Group Limited (ANZ) 2010 ABN 11 005 357 522. ANZ's colour blue is a trade mark of ANZ.