MORE than 1,000 Frankston and Mornington Peninsula residents have saved money through a creative financial education program run by the Brotherhood of St Laurence.
The region was one of the first to participate in the Savers Plus program, promoted as “the largest and longest running matched savings and financial education program in the world”, which supports participants to save for 10 months and rewards them with up to $500.
Low income earners who work but are struggling to meet back-to-school costs, either their own or their children’s, are encouraged to apply for the program, which is funded by ANZ Bank and the federal Department of Social Services.
There are 77 families currently participating in the Frankston/Mornington Peninsula program, and 2,800 across Australia.
Follow-up statistics show that 87 per cent of participants continue to save the same amount or more, and the majority are better equipped to deal with unexpected expenses. Ninety-four per cent have increased self-esteem.
The program is available to people with a Centrelink healthcare or pensioner concession card, have a child at school or are attending vocational education themselves, and they or their partner have regular income from paid employment.
Details: Terri Fallows and Angie O’Toole, 8781 5937 or terri.fallows@bsl.org.au, or saverplus.org.au