KFC serves up a new financial wellness program to employees

Building savings can be a daunting task for many paycheck-to-paycheck workers. That’s why the KFC Foundation has partnered with the nonprofit SaverLife to offer a new personal finance program to all of their US restaurant employees.

The newly introduced MyChange program is designed to help KFC team members build short-term savings and develop long-term savings behavior. The six-month matching program allows employees to save $ 40 per month and receive an additional $ 40 along with a $ 20 sign-up bonus; The goal is to have $ 500 in savings by the end of six months.

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“Having an emergency fund has always been important and valuable,” says Emma Horn, executive director of the KFC Foundation, an independent non-profit organization funded by KFC franchisees. “The uncertainty surrounding the pandemic has underscored the need to equip restaurant workers with resources to help them build their financial literacy, set up a short-term emergency fund, and help franchisees attract and retain top talent.”

Employees who work in KFC restaurants typically earn no more than $ 12 an hour, which is what the Indeed job search engine numbers, which is the same as the rest of the fast food industry. Emergency savings are a growing trend among employers, but currently only 36% of employers offer their employees non-retirement financial advice and only 32% of companies offer their employees financial incentives to save, according to SunTrust data -Banks.

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According to a 2019 Federal Reserve study, 37 percent of Americans couldn’t cover $ 400 unexpected expenses without going into debt. However, according to a study by SaverLife, savings of just $ 250 correlate with increased home security, the ability to pay utility bills, and avoid expensive loans.

Read more: Employees need emergency savings benefits more than ever

“In the past, many of these foundations gave a cash grant when someone had an emergency or real financial hardship,” said Neha Gupta, vice president of marketing at SaverLife. “But now there is a bigger shift to start a program where people are encouraged to save and help themselves.”

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