Supporting people in Mirrabooka to save for an education

More than 120 low income earners in Mirrabooka are now being supported to save for their own education and the education of their children, following the local roll out of the national Saver Plus program in the area.

Saver Plus is a matched savings and financial education program which helps people establish long-term savings habits.

It is delivered across the country by the Brotherhood of St Laurence and the ANZ, along with a range of partner organisations including The Smith Family, Berry Street and The Benevolent Society.

“In Mirrabooka, the Smith Family will receive $148,750 to deliver Saver Plus over the next year,” Minister for Families and Community Services, Jenny Macklin said.

“All up the Australian Government is delivering $600,000 across Western Australia to help local people develop their financial skills, set savings goals and plan for the future.”

Ms Macklin said Saver Plus encouraged low income earners to save by offering matched savings.

“For every dollar saved, the ANZ will match it, up to $500. So that means that every dollar saved becomes two dollars in the bank,” Ms Macklin said.

“These savings must be spent on the participant’s own vocational training or the education of their children.”

Participants must also attend ten hours of financial education based on ANZ’s MoneyMinded package to successfully complete the program.

“We know from experience in other areas where Saver Plus has been rolled out that involvement in this program encourages people to save for the future,” Ms Macklin said.

An evaluation by the Royal Melbourne Institute of Technology found that 70 per cent of past participants still saved at the same rate up to three years after completing the program.

Mirrabooka is one of 60 communities across Australia to benefit from the Australian Government’s $13.5 million roll out of Saver Plus to give people the skills they need to better manage their finances.