SAN DIEGO—Mobiloil Credit Union has teamed up with San Diego-based financial wellness education company iGrad to offer the award-winning Enrich™ financial wellness platform to its 72,000 credit union members.
Mobiloil Credit Union’s Enrich personalized financial wellness program features the Your Money PersonalityTM financial behavior assessment, which analyzes each user’s personal relationship with their finances and gives recommendations for better financial behaviors. 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
Based in Beaumont, Tex., Mobiloil Credit Union is a member-owned, not-for-profit financial cooperative that serves 72,000 members in the Texas counties of Chambers, Hardin, Jasper, Jefferson, Liberty, Newton, Orange and Tyler.
Improving the financial health of credit union members and their communities is a top priority, said Lori Higgins, Mobiloil Credit Union assistant vice president of business development.
“Personalized and relevant online resources are an important part of our financial wellness program and the reason we chose to partner with Enrich,” Higgins said. “By helping our members understand the ‘why’ behind how they manage money and giving them the tools and resources necessary to make smarter financial decisions, we can empower them to make lasting changes that will improve their financial health, along with all the intangible benefits that come with having less stress.”
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.
Recent data shows that as Enrich participants improved financial understanding, their stress levels dropped. The Enrich platform prompts users to update their stress score regularly to gauge the correlation between improved financial wellness and stress levels.
Other positive behavior changes over a 12-month period 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 Mobiloil 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 2.7 million students at 650 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 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.