Program provides incentive to save
THE Smith Family is helping Coffs Coast families break the cycle of disadvantage and save for the future.
The Saver Plus program encourages participants to save their money and, as an incentive, their savings are matched dollar-for-dollar up to $500.
They set a savings goal to pay for their own or their children’s education and remain in the program for 10 months.
The concept is funded by the Federal Government and the ANZ Bank. Participants must attend four two-hour workshops which will deliver financial education and help develop savings habits.
An eligibility criteria is involved and local families are already taking advantage of the program.
Saver Plus was developed by the Brotherhood of St Laurence and ANZ in 2002.
A recent study found Saver Plus had helped change people’s savings habits, with 70 per cent of participants continuing to save the same amount or more for up to three years after completing the program.
For more information about this initiative, contact Saver Plus co-ordinator with The Smith Family, Graeme Grice, on 0428 428 444 or visit www.the smithfamily.com.au.