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More than 120 Greater Dandenong families joined a savings-matching scheme to help cover their children’s back-to-school costs in 2020.
Under charity Berry Street’s Saver Plus program, families make regular savings deposits over 10 months and complete four financial education workshops.
They are then awarded $500 in matched savings, which must be spent on educational items like laptops, uniforms, shoes, backpacks and stationery.
In 2020, 3400 participants enrolled across Australia. They saved more than $2.1 million, and were paid $1.45 million in matched funds.
Hemavathi, a mother of two, said the scheme helped her develop a savings habit.
At the time, she was studying a childcare course at TAFE while trying to save for her daughter’s school expenses in 2021.