ANZ saving program 'a success'

A saver account initiative on offer from ANZ Bank is seeing a significant number of low-income workers take steps to prepare for the future.

The matched savings account program on offer from ANZ Bank and the Brotherhood of St Laurence has proven to be a success, it has been reported.

Under the ANZ Saver Plus scheme, it was revealed 96 per cent of those taking part have either achieve or exceeded their savings goal, with some 70 per cent reported to have maintained the habit of placing money into saving account after completing the project.

The scheme sees ANZ Bank provides tips for saving for those on low incomes and when they are able to tuck some $1,000 away, the financial services firm will match this with a further $1,000 to be put towards educational expenses, the Sheet reports.

"Yes I'm more positive towards ANZ. I now have an account and I use it all the time as a saver," one participant of the project claims.

Now, the bank reveals the initiative is set to expand upon receiving an additional $13.5 million in government funding.

The news comes as Ross Gittins, economics editor for the Sydney Morning Herald, pointed out that changes need to be made to bank accounts, bonds and other Australian banking products in order to encourage more people to save.

By Nate Sawyer