Canada’s Weyburn Credit Union Teams Up with iGrad to Offer the Enrich Personalized Financial Wellness Program to its Members

SAN DIEGO—Weyburn Credit Union in Weyburn, Saskatchewan has teamed up with the San Diego-based financial wellness company iGrad to offer the award-winning Enrich™ financial wellness platform to its nearly 9,000 members.

Enrich is available at no cost to Weyburn Credit Union members, who can access the platform by visiting https://weyburncu.enrich.org and creating an account with their email address.

“We’re excited to offer Enrich to our members as part of our commitment to their financial well-being,” said Tana Torkelson, Weyburn Credit Union vice president of marketing. “Everyone has different goals and priorities when it comes to finances. Enrich’s personalized, customized and mobile-friendly platform uses artificial intelligence to provide content to users based on their individual situations and goals. The Enrich platform is a key part of our efforts to help our members attain financial wellness.”

A study¹ released in April by Manulife reveals that only one in five (21 percent) of Canadian workers say their financial situation is strong. Two in five (40 percent) rate it as fair to poor. More than half of respondents (53 percent) worry a great deal about one or more aspects of their personal finances. 

Enrich, which is used globally by more than 20,000 employers and more than 300 financial institutions, seeks to lower financial stress in a measurable way. Users are prompted to update their stress score regularly to gauge the correlation between improved financial wellness and stress levels.

Enrich data from January 2020 to December 2021 found significant improvements in financial wellness among its users:

• 35 percent increase in users who reported that they are on track with saving for their goals;
• 14 percent increase in users who are contributing to their retirement savings plan;
• 59 percent increase in users who had built up an emergency savings of at least three months of living expenses;
• 28 percent increase in users who pay off credit card debt in full monthly.

Additionally, Enrich data showed that users who reported lower financial stress said that decrease was substantial – nearly 32 percent. About 36 percent also attributed that reduction in financial stress to using the Enrich platform.

The Enrich platform offers:

• The Your Money Personality^TM financial behavior assessment that analyzes each user’s financial “personality;”
• 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.

“Canadians are struggling with financial stress and lack of financial wellness too,” said Donna Miller, iGrad vice president of business development. “Many adults of all income levels are worried about their financial future. We are thrilled to be a key part of Weyburn Credit Union’s commitment to improving the financial wellness of its members.”
 

About iGrad

iGrad is a San Diego-based financial technology company that provides artificial intelligence-powered financial wellness solutions to more than 2.7 million students at 650 colleges and universities, over 20,000 employers and over 300 financial institutions. iGrad was recently recognized by the Institute for Financial Literacy with the 2023 Excellence in Financial Literacy Education (EIFLE) Adults’ Education Organization of the Year Award. iGrad also received the 2022 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.

1 - https://www.manulifeim.com/group-retirement/ca/en/financial-stress-survey#the-effect-on-personal-finances-eing