On the 20th May, Senator Polley attended the launch of the Smith Family’s Saver Plus program, which is funded by the Australian Government and ANZ Bank.
It has been found in Australia that there is a strong link between low levels of savings, limited education levels and low financial literacy. A significant proportion of low-income families in Australia either spend all of their earnings each week or have difficulty saving their money.
Over recent years, the Federal Government has had an emphasis in policy focus on promoting greater levels of saving and financial inclusion for all Australians. The introduction of the Saver Plus program is assisting low income families to reach savings goals and develop improved savings habits.
The program is delivered by community organisations, such as the Smith Family, in partnership with the ANZ bank. The program has been highly successful since its initial pilot in 2003 with over 5,000 people having participated in the program.
The program encourages participants to save through four key elements:
· Matched savings at a rate of $1:1
· Financial education
· Case management
· Education as a savings goal
