McDonald’s partnered with Visa Inc. to offer the “McDonald’s Practical Money Skills” program, which includes a budgeting guide to track expenses and access to an instructional video and an online resource center at www.practicalmoneyskills.com/mcdonalds. The materials, which are also available in Spanish, are based on Visa’s financial education program, "Practical Money Skills for Life."
-- "McD Offers Budget Advice to Workers," Nation's Restaurant News, Dec 4, 08
Given the paucity of personal-finance classes in most U.S. public school systems, and given the tremendously diverse nature of much of McDonald's workforce, this could end up being a very good way to educate several different segments of American society. I've been poking around the online resources, and they include a budgeting journal and some helpful loan calculators.
I'll be curious to see how McDonald's promotes the program among its employees -- it's one thing to offer it, but another to make your teenaged workforce think realistically about money.
What happens when all their employees realize that they need to make more money that you can at McDonald's?
Posted by: Polly | 2008.12.08 at 17:32
Then they move on.
That said, if you're in management or operating a franchise, it can often be very lucrative to work @ McDonald's. I know at least one person who put himself through college managing a shift at a McD.
Posted by: Lisa Schmeiser | 2008.12.08 at 20:05
Depends on whether they can get people to go to the classes. If they happen during work hours (i.e., employees get paid for that time), it might work, but otherwise I doubt it. Especially with the younger employees--does any teenager really think about money management?
Posted by: Julie | 2008.12.09 at 06:46
Teenagers do care about money management--they like power and control and stuff as much as anyone. The key is teaching goal setting behavior and delayed gratification, and making the goals concrete and managable.
Posted by: Kerry | 2008.12.09 at 08:26