Allegacy Federal Credit Union Partners with iGrad to Offer the Enrich Personalized Financial Wellness Program to its Over 166,000 Members

SAN DIEGO—Allegacy Federal Credit Union, one of the largest credit unions in North Carolina, has teamed up with San Diego-based financial education company iGrad to offer the award-winning Enrich™ financial wellness platform to its more than 166,000 members.
 

“Enrich is part of Allegacy’s digital strategy to meet members’ needs wherever they are,” said Lori Timm, Allegacy financial education manager. “Further, this partnership helps us fulfill our brand promise of doing the right thing for the wellbeing of our employees, members and the broader community. We firmly believe in equipping our members with resources and tools that empower them to move ideas into action along their financial wellbeing journey.”
 

Allegacy selected Enrich because it provides relevant and personalized content that has broad appeal regardless of the stage of life you find yourself in or the amount of time you have to explore the platform, Timm said.

"...this partnership helps us fulfill our brand promise of doing the right thing for the wellbeing of our employees, members and the broader community." Lori Timm, Allegacy financial education manager

To help young adults build a strong financial foundation, Allegacy offers a Secured Product Bundle for 18- to 25-year-old members, which includes a secured card or loan, a digital checking with no overdraft fees and access to the personalized Enrich platform.
 

“Financial wellbeing is a major component of Allegacy’s holistic wellness culture,” she said. “We truly believe in promoting wellness of mind, body and wallet.” 
 

Allegacy’s Enrich personalized financial wellness program¹ features the Your Money PersonalityTM financial behavior assessment, which analyzes each user’s financial “personality.” The platform also provides:
 

• Financial education courses with personalized action plans on topics including budgeting, mortgages, healthcare, college savings, student loan repayment, banking, credit, financial planning and more
• Retirement and home affordability analyzers
• A suite of student loan and higher education tools
• Personal finance calculators and a real-time budget tool
   

Enrich is used by more than 20,000 employers and more than 300 financial institutions nationwide, with artificial intelligence technology that engages each user with the most relevant content based on financial situation and stage of life.

The Enrich platform includes dynamic tools and courses, delivering a highly personalized and interactive learning experience on financial topics including student debt, mortgages, budgeting, investing, retirement and long-term care. 

According to a 2021 Capital One CreditWise survey², 73 percent of Americans rank their finances as the most significant source of stress.

To combat this financial stress, Enrich users are prompted to update their stress score regularly to gauge the correlation between improved financial wellness and stress levels. Recent Enrich data revealed that as participants improved financial understanding, their stress levels dropped by an average of 23 percent.

Other positive behavior changes included:

• 27 percent increase in users with emergency savings funds covering three to six months of expenses
• 28 percent increase in users who pay their credit cards in full every month
• 32 percent increase in users getting on track with their financial goals
• 15 percent increase in users contributing to their retirement plan

“Enrich can help people of all income levels and in all phases of life,” said Donna Miller, iGrad vice president of business development. “Allegacy Federal Credit Union is demonstrating the importance of behavior-changing financial wellness education by offering Enrich to its more than 160,000 members.”

About iGrad

iGrad is a San Diego-based financial technology company that offers artificial intelligence-powered financial wellness solutions to more than 600 colleges and universities, more than 20,000 employers and more than 300 financial institutions.  iGrad’s Your Money Personality™ was recognized by the Institute for Financial Literacy with the 2020 Excellence in Financial Literacy Education (EIFLE) Adults’ Education Program of the Year award. iGrad is one of three 2020 honorees in the inaugural Barron's Celebrates: Financial Empowerment, after being selected by a team of judges for its contributions to improving the financial health and security of Americans. iGrad also received the 2019 Eddy Award for Financial Wellness by Pensions & Investments for its Enrich platform. For more information about the iGrad platform, visit https://www.igradfinancialwellness.com. For more information about the Enrich platform for employers and financial institutions, visit https://www.enrich.org.

About Allegacy Credit Union

For 55 years, Allegacy has helped its members, employees and the communities it serves be their best by helping people make smart financial choices. By doing right, Allegacy has become one of the largest credit unions in North Carolina serving over 166,000 members worldwide with $2 billion in assets and over $1.6 billion in assets under management in its financial planning group. With roots in Winston-Salem, Allegacy has 16 locations and nine high school student-run credit unions. Allegacy offers personal and business financial services to help a broad membership base including the employees, retirees and families of over 1,800 companies throughout the country. More information is available at Allegacy.org.

1 - https://allegacy.enrich.org/

2 - https://www.cnbc.com/select/73-percent-of-americans-rank-finances-as-the-number-one-stress-in-life/