SAN FRANCISCO--(BUSINESS WIRE)--Today, the KFC Foundation, an independent 501c3 non-profit organization primarily funded by KFC franchisees, in partnership with SaverLife, a national non-profit fintech company that helps working families achieve prosperity through savings, announced the launch of MyChange with SaverLife. This program, piloted last year, is designed to help KFC team members build short-term savings and create lasting savings behaviors.
Why It Matters
When life presents unexpected expenses, such as urgent car or home repairs, an emergency fund can help keep families afloat, and prevent them from taking on debt or missing payments. However, according to a 2019 report from the Federal Reserve Bank, 37 percent of all Americans could not cover an unexpected $400 expense without going into debt. Furthermore, a recent study by SaverLife sponsored by the FINRA Foundation found that savings balances above just $250 are correlated with increased housing security, ability to pay utility bills, and avoiding high-cost borrowing.
“We are very excited about our partnership with SaverLife. To be able to offer these types of resources means a lot. It’s one more way we can show how much we care about our employees. Programs like MyChange with SaverLife help us develop the financial acumen of our team members, setting them up for success in their future, while also strengthening our organization from the ground up,” said Justin Stewart, KFC franchisee and Board Chair of the KFC Foundation.
How It Works
Participants in MyChange with SaverLife receive access to the national SaverLife platform and the opportunity to participate in national savings challenges, access financial education articles, engage in forums and accumulate redeemable points for a chance to win prizes.
“We’re thrilled to partner with the KFC Foundation to provide KFC restaurant employees with the tools they need to quickly build emergency savings funds and establish long-term saving habits,” said Leigh Phillips, President and CEO, SaverLife. “We consistently see the difference it makes to have $500 in savings, and the KFC Foundation is helping frontline workers build that emergency fund in just a few months.”
Eligible employees of KFC corporately-owned and franchisee-owned restaurants can also participate in Savings Match Challenges funded by the KFC Foundation. Enrolled employees in the Savings Match Challenge can get a $20 sign-up bonus, and by saving at least $10 a month, they will receive a $1 for $1 match of up to $40 per month over a six-month period, empowering them to create a $500 short-term emergency savings fund—or boost their current savings by $500 (terms and conditions apply).
“By helping KFC team members build up an emergency savings fund, we’re helping them improve their overall well-being and build resilience to face future financial challenges,” said Emma Horn, Managing Director of the KFC Foundation. “This program is a way to empower and equip restaurant employees with tools and resources to help them succeed and achieve their goals. We’re grateful to be working with SaverLife to bring these unique and exciting opportunities to KFC team members across the country.”
The KFC Foundation provides the funding and outreach, and SaverLife manages the savings platform and financial rewards for KFC participants.
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SaverLife (formerly EARN) is a 501(c)3 non-profit on a mission—to inspire, inform, and reward the millions of Americans who need help saving money. Through engaging technologies and strategic partnerships, we give working people the methods and motivation to take control of their financial future. SaverLife has a number of esteemed investor partners, including Intuit Financial Freedom Foundation, MetLife Foundation, Prudential, JPMorgan Chase & Co., MasterCard, and Capital One. For more information or to join the SaverLife Movement, please visit www.saverlife.org.
About the KFC Foundation
The KFC Foundation, an independent 501c3 non-profit organization, is committed to providing accessible support and development opportunities to KFC U.S. restaurant employees. Since 2006, the Foundation has awarded $20 million to more than 6,400 students and KFC restaurant employees, assisting them in going to college, earning a GED, managing personal finances, getting through hardship/crisis situations and more. The KFC Foundation’s charitable programs are made possible through the generosity of KFC’s many franchisees, KFC Corporation and individual donors.