Commonwealth Credit Union, a Kentucky-based community-chartered financial institution with more than 100,000 members, has partnered with San Diego-based financial education company iGrad to make the award-winning Enrich™ financial wellness platform and the student-focused iGrad™ financial wellness platform available to its members as well as more than 30,000 University of Louisville, Metropolitan College and Kentucky high school students.
In alignment with the Kentucky Financial Empowerment Commission, Commonwealth Credit Union’s goal is to make financial education more accessible to Kentuckians.
“iGrad’s focus on behavioral economics provides countless tools and resources to help members and students understand their relationship with money and ways to navigate both their strengths and challenges. Both the iGrad and Enrich platforms have a contemporary social media feel, easy accessibility, relevant personalization, depth of content, and user-friendly design, all of which appeal to members and school partners.”
- Mary Handiboe, Commonwealth Credit Union Financial Education Supervisor
CCU Financial Education Supervisor Mary Handiboe said that if high school and college students can develop thoughtfulness towards money management while they are in school, they may have greater potential to create future financial success.
“iGrad’s focus on behavioral economics provides countless tools and resources to help members and students understand their relationship with money and ways to navigate both their strengths and challenges,” Handiboe said.
After undergoing an extensive selection process, CCU selected iGrad due to its robust content, personalization possibilities and ability to align with Commonwealth Credit Union’s mission of bettering lives, she said.
Kentucky recently passed a bill requiring high school students complete financial literacy programming prior to graduation. Handiboe said that teachers are finding the site extremely helpful.
“Both the iGrad and Enrich platforms have a contemporary social media feel, easy accessibility, relevant personalization, depth of content, and user-friendly design, all of which appeal to members and school partners,” Handiboe said.
Enrich is used by more than 20,000 employers and more than 300 financial institutions nationwide to provide behavior-changing financial literacy education, tools and resources to employees, customers and members.
iGrad is currently used by more than 600 colleges and universities, including University of Kentucky, Columbia University, The Ohio State University and Arizona State University.
Recognized with the 2019 Eddy Award for Financial Wellness by Pensions & Investments, Enrich offers adaptive, interactive financial education content on topics including student loan debt, mortgages, budgeting, investing, retirement, long-term health care and more.
An April National Endowment for Financial Education (NEFE) survey illustrated the already devastating impact of the pandemic on personal finances. Eighty-eight percent of those surveyed said that the pandemic is causing increased financial stress.
Data collected from Enrich shows that as financial understanding increases, stress level drops.
“The Enrich and iGrad platforms can help people of all income levels and in all stages of life,” LaBreche said. “Commonwealth Credit Union is demonstrating the importance of financial wellness by offering Enrich and iGrad to members and Kentucky college and high school students, who can access the platform virtually and receive customized financial education specific to their needs and situation.”
Research shows that financial literacy programs can lower student loan defaults, decrease financial stress, improve academic performance and teach students how to manage their finances for a lifetime.
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 recently recognized by the Institute for Financial Literacy with the 2020 Excellence in Financial Literacy Education (EIFLE) Adults’ Education Program of the Year award. 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 http://www.igradfinancialwellness.com. For more information about the Enrich platform for employers and financial institutions, visit http://www.enrich.org.
About Commonwealth Credit Union
Established in 1951, Commonwealth Credit Union currently serves over 100,000 members. Anyone who lives, works, worships, goes to school, or volunteers in one of 24 eligible counties in the Louisville Metro and Bluegrass regions of Kentucky can bank at Commonwealth Credit Union. For more information, visit www.ccuky.org.
1 - https://www.nefe.org/news/polls/2020/survey-covid-19-crisisi-causing-financial-stress.aspx