Savings

Starbucks Announces Student Loan and Savings Management Programs to Support Financial Wellness for Partners (Employees)

SEATTLE–(BUSINESS WIRE)–Today, relying on Starbucks historical commitments To provide industry-leading benefits to its partners (employees), Starbucks Coffee Company has announced a suite of programs, designed to support eligible partners in two critical areas of financial well-being: savings and student loan debt.

The new benefits, which begins September 19, will help provide financial stability for eligible partners and help them manage their graduate student debt. Both programs have been informed by thousands of conversations with partners over the past few months as the coffee company reinvent its future.

“We’ve heard from our partners and know the pressures of inflation, in addition to debt and savings are weighing heavily on them,” said Ron Crawford, SVP Total Rewards, Starbucks. “Providing industry-leading benefits to our partners is the cornerstone of who we are as a company. As we reimagine the future of Starbucks, together with our partners, we knew we had an opportunity to further support the financial well-being of our partners and their families.

In collaboration with Fidelity, Starbucks launches My Starbucks Savings, a new way to help eligible partners save for the unexpected. All eligible US partners will be able to contribute a portion of after-tax pay on a recurring basis directly from their paycheck to a personal savings account. To encourage savings and account growth, Starbucks will offer $25 and $50 credits at key savings milestones up to a total of $250 per incentive-eligible partner.

“Too many Americans are financially unprepared for the unexpected, and this current economic environment only makes it more important to help people establish strong savings behaviors and a foundation to cover future expenses. short term,” said Kevin Barry, President of Workplace Investing at Fidelity Investments. “As this program shows, employers are able to help, which is why Fidelity is pleased to work with Starbucks and other companies to provide savers with a way to achieve their financial goals, such as saving money. ’emergency.”

Starbucks will also launch a Student loan management service through Tuition.io to help eligible partners manage and optimize student loan repayments. Through this tool, eligible U.S. partners and their families will have access to new tools, resources, and one-on-one coaching for managing student loan debt, such as repayment options and loan refinancing. The platform’s tools will help partners view all of their student loan debt in one place and locate the best individual action to take based on their personal repayment scenario and goals. This could include using income-based repayment options, refinancing, and planning how best to fund the education of students and parents of students.

“Student loan debt remains a huge financial burden for the nearly 48 million American consumers who have borrowed to fund the education needed to unlock the best career opportunities,” said Scott Thompson, CEO of Tuition.io. “As we approach the time when payments will resume for federal loans, we are honored to be working with Starbucks to help their partners and families make the best financial decisions about their student loan repayments and their home financing options. future studies.”

These benefits build on Starbucks’ ongoing work to support holistic partner wellness as a company with programs that include 401(k) with Starbucks Match, Bean Stock, comprehensive programs health coveragefull tuition coverage for a bachelor’s degree through the Starbucks College Success PlanLyra Mental Health Benefit and more.

“We believe that when we invest in you and your greatest aspirations, we are also investing in the success of Starbucks,” said Sara Kelly, Starbucks Director of Partners. “This is just one more way to co-create a meaningful partner experience and a better future for Starbucks.”

This announcement builds on Starbucks partners’ financial stability investments earlier this year when the company pledged to increase partner compensationstarting August 1.

About Starbucks

Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high quality Arabica coffee. Today, with more than 34,000 stores worldwide, the company is the world’s leading specialty coffee roaster and retailer. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks experience to life for every customer through every cup. To share the experience, visit us in our stores or online at stories.starbucks.com or www.starbucks.com

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