Save Plus: A decade of impact
In February 2015 ANZ and the Brotherhood of St Laurence (BSL) released a meta-evaluation of Saver Plus. This special evaluation report provides a summary of the high level outcomes of Saver Plus over the last 10 years, including a valuation of social return on investment.
Saver Plus is a matched savings and financial education program developed by ANZ and BSL to assist people on lower incomes to develop a savings habit while strengthening their money management skills, knowledge and confidence and saving for their own or their children’s education.
Program participants receive financial education, personal coaching and matching funds from ANZ ($1 for every $1 saved up to $500). Saver Plus was developed by ANZ in partnership with BSL and is delivered by BSL, The Smith Family, The Benevolent Society, Berry Street and other local community organisations. It is funded by ANZ and the Australian Government.
The approach for collecting evidence was a meta-analysis of evaluations of five phases of Saver Plus and credible estimates of the Social Return on the Government’s investment in teaching lower income people to save.
Over the past 10 years, evaluations of each phase of Saver Plus have comprehensively documented the outcomes for participants. Data was gathered through participant surveys at the end of each phase.
RMIT revisited these evaluations to:
• Examine cumulative long term impact,
• Estimate longitudinal saving behaviour, and
• Identify the range of social impacts.
The results demonstrated the long-term benefits for participants included increased financial capabilities, levels of financial self-efficacy, financial resilience and improved personal and social wellbeing.