Brotherhood of St Laurence Executive Director, Tony Nicholson, said Saver Plus helped put participants in control of household finances and improved long-term wellbeing.
“The Brotherhood of St Laurence has long recognised that if disadvantaged Australians are to build a good life for themselves in the modern economy, like all of us, they need to have financial literacy and access to affordable financial services,” Mr Nicholson said.
The Minister for Social Services, The Hon. Scott Morrison MP also commented on the release of the report, saying: “Saver Plus helps people living on low incomes to build their financial capabilities, while saving for a purpose related to education. There is substantial research and evidence demonstrating that education provides a clear pathway out of welfare dependency.
“This program changes a participant’s behaviour, with many participants continuing to save for essential items well after completion and be more resilient to financial shocks and challenges,” the Minister said.
Testimonial from Saver Plus participant, Julianne
A former Saver Plus participant from the La Trobe Valley in Victoria shared their views on the program and the lasting impact it has had on their life.
“This program has had a massive impact on my family and personal life. The year I did the savings I was on a single parent disability pension. I saved for this program, a holiday to Tasmania and paid off bills along the way. My next goal is a house deposit.”