Rising inflation and economic uncertainty can significantly impact employees’ financial well-being, creating a pressing need for financial literacy solutions. Publix Employees Federal Credit Union (PEFCU) partnered with iGrad to launch the Enrich platform, addressing their members’ financial challenges while achieving remarkable engagement and learning outcomes.
Challenges PEFCU Faced
Research showed that 48% of consumers believed direct access to financial information was key to improving financial resilience. While PEFCU had a significant membership base, they recognized that there was a need to boost financial literacy and encourage their members to engage more with financial education tools.
The Enrich Solution: Gamified Financial Wellness
PEFCU launched the Financially Fresh program, incorporating:
- Gamification: Modules like “Mortgage Mountain” and “Savings Grove” made learning interactive and fun.
- Mindfulness Practices: The “Money Mindfulness” series combined financial education with stress-reducing techniques. Members embraced these practices, logging over 1,324 minutes meditating.
- Customized Pathways: PEFCU’s unique “Financially Fresh Journey Board” guided members through a visual “map” of tailored financial goals.
Key Results and Behavioral Shifts
Since July 2023, the platform has delivered measurable success with 12,645 active users and a 40% conversion rate for completed financial check-ups. There was also significant knowledge gain, with a 56% improvement in user financial literacy scores.
Beyond these key highlights, the case study dives deeper into the behavior changes Enrich sparked among members, including shift in credit usage and long-term financial planning habits. It also breaks down the most popular financial courses and activities that resonated most with PEFCU members.
The Broader Impact for Financial Institutions
Financial literacy programs don’t just improve members’ lives – they strengthen the institution’s bottom line. Engaged members are more likely to take advantage of additional products offered by their institutions (like loans, credit cards, and investment services), with studies showing that retail banking consumers who are “fully engaged” bring in 37% more revenue annually compared to disengaged consumers.
Discover the Full Story of PEFCU’s Financial Wellness Transformation
Ready to drive member engagement and financial literacy in your organization? Download the full PEFCU Case Study to explore in-depth insights on member behavior, the most effective program features, and the measurable impact on financial literacy and well-being.
