SAN DIEGO—Maui County Federal Credit Union has teamed up with San Diego-based financial education company iGrad to offer the award-winning Enrich™ financial wellness platform to its 20,000 members.
Maui County FCU’s Enrich personalized financial wellness program 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
“At Maui County FCU, we are passionate about providing services that encourage the financial wellbeing of our members and community,” said Maui County FCU President/CEO Gary Fukuroku. “We are thrilled to add Enrich’s platform that adds personalized content to our lineup of financial education tools, resources and partnerships we are using to improve the financial wellness of our members and community.”
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.
A 2021 Capital One CreditWise survey1 revealed that 73 percent of Americans rank their finances as the most significant source of stress.
Nearly 50 percent of 3,000 surveyed adults said money worries had a “severe or major impact” on their mental health over the past year, according to the 2022 PwC Employee Financial Wellness Survey.2
To combat 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
“Improved financial wellness can have a major positive impact on overall quality of life,” said Sam Evans, iGrad vice president of business development for Enrich. “Many American adults of all income levels are worried about their financial future. We are thrilled to be a key part of Maui County Federal Credit Union’s commitment to improving the financial wellness of its members.”
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’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 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 recently 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 http://www.enrich.org.
1 - https://www.cnbc.com/select/73-percent-of-americans-rank-finances-as-the-number-one-stress-in-life/
2 - https://www.pwc.com/us/en/services/consulting/business-transformation/library/employee-financial-wellness-survey.html