Four years ago, as the pandemic raged, Chipotle Mexican Grill leaders heard employees discuss their money woes and offered a financial counseling benefit to help them cope. This year, it expanded its financial wellness offerings to include student debt repayment, pay-on-demand, and a special debit card that helps users build a credit profile.
Daniel Banks, Chipotle’s director of global benefits, said that more than 73% of its roughly 125,000 global employees are members of Gen Z who are racking up credit card debt quickly and aren’t confident in their money-management skills.
“We knew folks in Gen Z are really experiencing significant financial challenges.… We were listening to our employees and hearing about all these concerns and on top of all the concerns that the pandemic was bringing about,” Banks said. “We knew we had to expand our offering again, to really focus on that holistic well-being and so offering up those financial well-being [benefits] was the right thing to do.”
Gen Z, single parents, and caregivers are in especially financially precarious positions, according to a report by The Guardian Life Insurance Company of America. Yet, overall workers are not happy with their financial situations.
Keep reading here.—TA
|