SAN DIEGO—United Teletech Financial 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 25,000 members.

United Teletech Financial’s Enrich personalized financial wellness program1 features the Your Money PersonalityTM financial behavior assessment, which analyzes each user’s financial “personality,” and credit score reporting, which allows each user to learn about credit scores and monitor their own credit report. 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 Tinton Falls, N.J., United Teletech Financial is a not-for-profit financial cooperative serving members and their families in Monmouth and Ocean counties and parts of central Middlesex County since 1967.

“Our aim is to help members make financial decisions that most benefit them, regardless of whether they are starting out in life, need a car or home, or have accumulated assets that need protection,” said United Teletech Financial Federal Credit Union CEO Leo Ardine. “With the credit union industry focusing on financial well-being for all, the addition of this type of service couldn’t be more timely. As an important partner in disseminating useful advice, Enrich gives us tools to put the right content and the right services in front of members.”

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 new survey2 by SoFi at Work and Workplace Intelligence found that 51 percent of employees are more stressed about their finances today than they were during the height of the pandemic and spend around a quarter of their workweek dealing with financial issues.

A 2021 Capital One CreditWise survey3 revealed that 73 percent of Americans rank their finances as the most significant source of stress.  

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 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 Tim Delaney, iGrad vice president of business development for Enrich. “United Teletech Financial Federal Credit Union is demonstrating the importance of behavior-changing financial wellness education by offering Enrich to its 25,000 members.”

About iGrad

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.

About United Teletech Financial Federal Credit Union

United Teletech Financial Federal Credit Union (UTFFCU) is a not-for-profit financial cooperative serving members in central New Jersey. Founded in 1967 to meet the needs of Bell Labs employees, the credit union has grown to over 380 sponsor companies. Under a community charter granted by the National Credit Union Administration in April 2005, UTF now offers membership to residents in Monmouth and Ocean counties and parts of central Middlesex County. For more information, visit https://www.utfinancial.org.

 

 

1 - https://www.utfinancial.org/resources/enrich/

2 - https://investors.sofi.com/news/news-details/2022/SoFi-at-Work-Study-Reveals-Three-in-Four-Workers-Are-Stressed-About-Financial-Issues-Spending-9-Working-Hours-Per-Week-Dealing-With-Personal-Finances/default.aspx

3 - https://www.cnbc.com/select/73-percent-of-americans-rank-finances-as-the-number-one-stress-in-life/