Financial security boost: $51.5M for Saver Plus program helps low-income families with financial challenges through education costs & savings.
The Australian government has pledged $51.5 million to extend the Saver Plus program, aimed at bolstering the financial security of vulnerable citizens. This significant investment ensures the program, which provides financial literacy support and matched savings, will continue until 2030.
The initiative, delivered by the Brotherhood of St. Laurence in partnership with ANZ, The Smith Family, and Berry Street, allows lower-income families to save up to $500, which is then matched by ANZ, for educational expenses. Minister for Social Services Amanda Rishworth emphasised the government’s dedication to supporting those at risk of financial disadvantage. “The Albanese Labor Government is doing more than ever to help Australians experiencing financial stress,” she stated. “This funding is vital for those who need help to manage their finances, navigate financial crises and build a stronger, more secure future.”
Since its inception in 2003, Saver Plus has enabled over 64,000 Australians to save more than $30 million. A recent survey highlighted the program’s enduring impact, revealing that 84 per cent of participants continue to save more than seven years after completion. Furthermore, 85 per cent reported an improved ability to provide for their families, and 52 per cent were meeting bill and credit commitments without difficulty, a substantial increase from 15 per cent prior to participation.
“We’ve reformed our Financial Wellbeing and Capability programs – providing Australians with a clearer pathway away from the financial cliff and Saver Plus is a big part of that story,” Minister Rishworth explained, underscoring the program’s role within the broader financial wellbeing strategy. The government invests approximately $150 million annually into these programs, facilitating the delivery of essential services to those facing financial hardship.
Brotherhood of St. Laurence Executive Director Travers McLeod expressed pride in the program’s achievements. “Working in partnership with the Federal Government, ANZ and our delivery partners The Smith Family and Berry St, we’re incredibly proud of the positive difference Saver Plus has made over the past 21 years,” he said. “It provides life changing support and critical education that improves financial wellbeing, reduces household stress and builds the confidence of so many Australians.”
McLeod also acknowledged the current economic pressures. “As cost of living weighs heavily on the minds of all Australians – especially at this time of year with back-to-school costs – we’re delighted Saver Plus will be able to provide much-needed financial relief and support during 2025 and beyond. We thank the Government and our partners for continuing to support this critical program,” he added.
ANZ CEO Shayne Elliott echoed this sentiment, highlighting the program’s long-term impact. “We appreciate the ongoing support from the Federal Government and are proud that Saver Plus has been acknowledged for its significant impact on the long-term financial wellbeing of Australian individuals, families and communities,” he stated. “This additional funding will enable us to expand the Saver Plus program and assist more Australians to improve their financial literacy. We look forward to continuing to work closely with the Federal Government and our community partners to support better outcomes for many Australians.”
The government’s commitment to financial wellbeing extends beyond Saver Plus, encompassing tax cuts, energy rebates, cheaper medicines, and a 45 per cent increase in Commonwealth Rent Assistance. This multifaceted approach aims to alleviate cost of living pressures and build financial resilience across the nation.
Also read: New project in place to combat financial elder abuse
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