Mutual Security Credit Union Teams Up with iGrad to Offer the Enrich Personalized Financial Wellness Program to its over 25,000 Members

SAN DIEGO—Mutual Security Credit Union (MSCU) has teamed up with San Diego-based financial education company iGrad to offer the award-winning Enrich™ financial wellness platform to its more than 25,000 members in western Connecticut.
 

MSCU’s Financial Independence Training (FIT) Program now features Enrich’s personalized and mobile-friendly platform, which provides:

• The Your Money PersonalityTM 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.

MSCU Vice President of Sales & Service Michael J. Augusti said that the FIT Program (including the Enrich platform) is part of the credit union’s strategic mission to be a builder of financial wellbeing within its communities.

“Our ‘People Helping People’ motto is at the core of the FIT program,” Augusti said. “The program is perfect for all ages and income stages, promoting improving money skills, creating savings and budgeting goals, understanding money habits and much more.”
 

Based in Shelton, Conn., MSCU serves people who live, work, worship or attend school in Fairfield, Litchfield and New Haven counties in Connecticut.

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. 
 

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.

Enrich data from January 2020 to December 2021 found significant increases 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
   

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

“Improved financial wellness can have a major positive impact on overall quality of life,” 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 MSCU’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’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 https://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.htm