Kentucky reveals personal finance program for employees

The lack of employment has unleashed a variety of new initiatives by restaurant companies and their affiliate organizations in an effort to drive employees to their stores.

The Kentucky Fried Chicken Foundation on Tuesday unveiled its latest plan, a new personal finance program called “MyChange with SaverLife.” The new investment comes from the Kentucky Fried Chicken Foundation in partnership with nonprofit fintech company SaverLife, and aims to boost employee savings. Available to all KFC restaurant employees across the country, the program was designed with the goal of helping KFC team members build short-term savings and foster a money-saving habit.

“The Kentucky Fried Chicken Foundation offers charitable assistance programs to eligible Kentucky Fried Chicken employees to help them earn a GED, go to college, weather difficulties or crises and build their financial knowledge,” says Emma Horn, managing director of the Kentucky Fried Chicken Foundation. “We created this program to provide KFC employees with valuable financial skills to create lasting savings behaviors.”

Perhaps there is no better time for a program that stresses the importance of personal savings than during the pandemic. But even in 2019, 37 percent of all Americans couldn’t make ends meet with a windfall of $400 without going into debt, according to a report from the Federal Reserve.

“Having an emergency fund has always been important and valuable,” Horn says. “The uncertainty that came with the pandemic underscored the need to help provide KFC employees with resources that would help them develop their financial knowledge, build the habit of saving money, and set up a short-term emergency provident fund.”

The program was piloted last year with emergency cognitive funds that can keep families afloat and avoid debt in emergencies such as urgent cars or home repairs. In a study sponsored by FINRA, SaverLife found that savings balances greater than $250 are associated with increased housing security, the ability to pay utility bills, and avoidance of high-cost borrowing.

“Programs like MyChange with SaverLife help us develop the financial acumen of our team members, preparing them for success in their future, while also strengthening our organization from the ground up,” said Justin Stewart, KFC Franchisee and Chair of the KFC Foundation Board of Directors.

Employees who use MyChange with SaverLife get access to the SaverLife platform, the opportunity to participate in national savings challenges, read financial education articles, participate in forums, and earn points for opportunities to win prizes.

Employees will be able to participate in KFC-funded Savings Match Challenges and receive a $20 sign-up bonus. By saving at least $10 per month, employees will earn $1 for a $1 match up to $40 per month over six months. This allows KFC employees to create a $500 short-term emergency provident fund.

“By helping KFC team members build an emergency provident fund, we help them improve their overall well-being and build resilience for future financial challenges,” Horn says. “This program is a way to empower and provide restaurant employees with tools and resources to help them succeed and achieve their goals.”

Eating and drinking places still 1.5 million jobs (12 percent) short, According to the Bureau of Labor in June. Under these harsh business conditions, the Kentucky Fried Chicken Corporation, funded primarily by Kentucky Fried Chicken franchisees, believes that this resource, like others, can receive and retain employees.

“KFC’s charitable assistance programs are great resources for qualified KFC employees and help KFC franchisees attract and retain the best talent in their restaurants,” Horn says. “We hear over and over again how grateful and proud the KFC employees are in a place where these kinds of opportunities exist.”

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