Saver Plus, a matched savings program developed by ANZ and the Brotherhood of St Laurence, last night won the ‘Community’ award for helping advance financial literacy levels in Australia at the inaugural Money Smart Week Awards. ANZ also won the ‘Research’ award for its Survey of Adult Financial Literacy in Australia.
Philip Chronican, ANZ Australia Chief Executive Officer said: “We’re pleased to be recognised for our long-term commitment to building the money management skills and savings of disadvantaged groups in our community.
“For 10 years, ANZ has worked with its community partners to deliver financial literacy programs to around 200,000 people in 270 communities across Australia.
“Being able to manage your money and make the right financial decisions is an essential life skill and it’s pleasing that our efforts have proven successful in helping people to build not only a lasting savings habit but also helping people reach life goals such as buying a house,” Mr Chronican said.
Research conducted with RMIT University shows that 96 per cent of Saver Plus participants who complete the program meet or exceed their savings goals, and 87 per cent of participants continue to save the same amount or more two to five years after completing Saver Plus.
Delphi Anderson, a married mother with three school-aged children, and a former Saver Plus participant commented on how the program has assisted her. “I can see us actually having a good future now, and not one where we’re struggling from pay cheque to pay cheque. It’s through doing the program that I’m a lot more driven to save. I look at what I can achieve now and I know that the program helped me get to where I am today. I feel like I’ve won the financial war,” said Ms Anderson.
Brotherhood of St Laurence Executive Director Tony Nicholson said: “This is wonderful recognition for the difference this program is making in people’s lives, which we have run in partnership with ANZ for 10 years.
“Saver Plus was developed through an innovative partnership between ANZ and the Brotherhood in 2002. I hope that the success of this partnership demonstrates how well corporate and charitable Australia can come together to tackle social problems,” Mr Nicholson said.
ANZ’s national survey of Adult Financial Literacy was first published in 2003 and has since been conducted every three years. It is now the longest running and most frequently repeated in the world.