SAN FRANCISCO–(BUSINESS WIRE)–At this time, the KFC Basis, an impartial 501c3 non-profit group primarily funded by KFC franchisees, in partnership with SaverLife, a nationwide non-profit fintech firm that helps working households obtain prosperity by financial savings, introduced the launch of MyChange with SaverLife. This program, piloted final 12 months, is designed to assist KFC group members construct short-term financial savings and create lasting financial savings behaviors.
Why It Issues
When life presents sudden bills, reminiscent of pressing automotive or house repairs, an emergency fund can assist preserve households afloat, and forestall them from taking over debt or lacking funds. Nonetheless, in keeping with a 2019 report from the Federal Reserve Financial institution, 37 % of all People couldn’t cowl an sudden $400 expense with out going into debt. Moreover, a latest examine by SaverLife sponsored by the FINRA Basis discovered that financial savings balances above simply $250 are correlated with elevated housing safety, means to pay utility payments, and avoiding high-cost borrowing.
“We’re very enthusiastic about our partnership with SaverLife. To have the ability to supply these kinds of sources means quite a bit. It’s yet another method we will present how a lot we care about our staff. Packages like MyChange with SaverLife assist us develop the monetary acumen of our group members, setting them up for fulfillment of their future, whereas additionally strengthening our group from the bottom up,” mentioned Justin Stewart, KFC franchisee and Board Chair of the KFC Basis.
How It Works
Individuals in MyChange with SaverLife obtain entry to the nationwide SaverLife platform and the chance to take part in nationwide financial savings challenges, entry monetary training articles, interact in boards and accumulate redeemable factors for an opportunity to win prizes.
“We’re thrilled to associate with the KFC Basis to offer KFC restaurant staff with the instruments they should rapidly construct emergency financial savings funds and set up long-term saving habits,” mentioned Leigh Phillips, President and CEO, SaverLife. “We constantly see the distinction it makes to have $500 in financial savings, and the KFC Basis helps frontline employees construct that emergency fund in only a few months.”
Eligible staff of KFC corporately-owned and franchisee-owned eating places may also take part in Financial savings Match Challenges funded by the KFC Basis. Enrolled staff within the Financial savings Match Problem can get a $20 sign-up bonus, and by saving at the very least $10 a month, they’ll obtain a $1 for $1 match of as much as $40 monthly over a six-month interval, empowering them to create a $500 short-term emergency financial savings fund—or enhance their present financial savings by $500 (phrases and situations apply).
“By serving to KFC group members construct up an emergency financial savings fund, we’re serving to them enhance their total well-being and construct resilience to face future monetary challenges,” mentioned Emma Horn, Managing Director of the KFC Basis. “This program is a option to empower and equip restaurant staff with instruments and sources to assist them succeed and obtain their targets. We’re grateful to be working with SaverLife to deliver these distinctive and thrilling alternatives to KFC group members throughout the nation.”
The KFC Basis offers the funding and outreach, and SaverLife manages the financial savings platform and monetary rewards for KFC individuals.
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SaverLife (previously EARN) is a 501(c)3 non-profit on a mission—to encourage, inform, and reward the thousands and thousands of People who need assistance saving cash. Via partaking applied sciences and strategic partnerships, we give working individuals the strategies and motivation to take management of their monetary future. SaverLife has numerous esteemed investor companions, together with Intuit Monetary Freedom Basis, MetLife Basis, Prudential, JPMorgan Chase & Co., MasterCard, and Capital One. For extra data or to hitch the SaverLife Motion, please go to www.saverlife.org.
In regards to the KFC Basis
The KFC Basis, an impartial 501c3 non-profit group, is dedicated to offering accessible assist and improvement alternatives to KFC U.S. restaurant staff. Since 2006, the Basis has awarded $20 million to greater than 6,400 college students and KFC restaurant staff, helping them in going to school, incomes a GED, managing private funds, getting by hardship/disaster conditions and extra. The KFC Basis’s charitable packages are made attainable by the generosity of KFC’s many franchisees, KFC Company and particular person donors.