F&A 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 47,000 members.
Headquartered in Monterey Park, Calif., the credit union provides financial services to employees of the Los Angeles County Fire Department, County of Los Angeles Agricultural Commissioner/Weights and Measures, and the employees and families of 60 Southern California cities.
“Our mission is to help members reach their financial goals at every stage of life by providing the highest value products, superior service and trusted advice,” said F&A Federal Credit Union President and CEO Tim Green. “We chose to offer the Enrich financial educational platform to help our members and their families learn how to navigate the financial landscape and make informed choices regarding personal finance. The tools are some of the best in the industry and we anticipate our members will benefit greatly from regular engagement with the platform.”
F&A Federal Credit Union’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
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.
According to a 2021 Capital One CreditWise survey, 73 percent of Americans rank their finances as the most significant source of stress.
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.
Additional Enrich data found positive behavior changes as a result of program participation, including:
-27 percent increase in users with emergency savings funds covering three to six months of expenses
-28 percent increase in users that 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
“Enrich can help people of all income levels and in all phases of life,” said Sam Evans, iGrad Vice President of Business Development. “F&A Federal Credit Union is demonstrating the importance of behavior-changing financial wellness education by offering Enrich to its nearly 50,000 members.”
