How Jiffy Lube and Key Bank Are Improving Financial Literacy

How Jiffy Lube and Key Bank Are Improving Financial Literacy

 

As a locally-owned business, we feel particularly invested in the success of our 400+ team members both on the job, and in their personal lives. In addition to technical training, we also provide life skills development such as credit counseling and financial management education through our unique training program—Growing People Through Work.

To help give technicians the tools they need to get on sound financial footing, we’ve partnered with KeyBank to provide financial wellness training. Patricia Castañeda, Key@Work & HSA Program Manager, works with technicians in Central Indiana. Steve Koller is our KeyBank representative for our Northern Indiana stores. To learn more about the resources she provides, we talked to Patricia about how she works with Jiffy Lube of Indiana’s team.

Can you give a few examples of the tools/resources/tips you provide?

We talk about the importance of developing a relationship with a banker at all stages of your financial life, particularly so you can be aware of the rules of Financial Wellness, and wealth creation. Playing a game without knowing the rules brings about chaos, but when you have the rules available (particularly when it comes to credit) you give yourself the opportunity to strategize and move towards a position of creating wealth. It’s as basic as knowing your:

• Spending habits (Count Every Dollar)

• Creating a budget (Spending Plan)

• Setting goals (Strategies for Savings)

• Developing good credit habits (To Your Credit)

What do you think is the most beneficial advice that you give?

You work to pay everyone. You pay for your home, car, phone, utilities, etc… (these are all companies creating wealth.) It is time to start paying yourself first (savings)! Whether it’s $5 per paycheck or $50 per paycheck, it will accumulate and help you for any emergency that may come up, or to help you reach your financial goals.

Do you find that the employees are eager to learn more about how to manage their finances?

Absolutely! However, there is not always the time to be able to go talk to your banker during working hours, so that is why KeyBank has me go to the employee at their place of work. Jiffy Lube supports their employees by allowing me to speak to them (when they aren’t busy servicing guests) at each of the stores.

What’s the biggest hurdle that you find participants in Jiffy Lube’s program have to overcome?

From the Financial Wellness perspective, sticking to the Spending Plan we have created. When I meet with each employee, we develop a plan to make sure they can live within their means and are able to save. But it’s like a sticking to a diet, right? We have to continually track progress, look at our spending daily, and make sure to stay on track. KeyBank has developed an online and app tool to do just that called, “HelloWallet.”

Anything else that you’d like people to know?

I want you to know that my family and I have made the conscious decision to use Jiffy Lube because of the trust we have in the hiring, training and because we want to support the work that the company is doing through Growing People Through Work. Not only are all my oil changes done by Jiffy Lube technicians, but also my breaks and tires purchases. When I leave the store after my car is serviced, I leave with the trust and peace of mind that my family and I are safe putting more miles in our cars. Thank you!

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