WINSTON-SALEM, N.C—Allegacy Federal Credit Union said it has teamed with San Diego-based financial education company iGrad to offer the Enrich financial wellness platform to its more than 166,000 members.
“Enrich is part of Allegacy’s digital strategy to meet members’ needs wherever they are,” said Lori Timm, Allegacy financial education manager. “Further, this partnership helps us fulfill our brand promise of doing the right thing for the wellbeing of our employees, members and the broader community. We firmly believe in equipping our members with resources and tools that empower them to move ideas into action along their financial wellbeing journey.”
To help young adults build a strong financial foundation, Allegacy said it offers a Secured Product Bundle for 18- to 25-year-old members, which includes a secured card or loan, a digital checking with no overdraft fees and access to the personalized Enrich platform.
“Financial wellbeing is a major component of Allegacy’s holistic wellness culture,” Timm said. “We truly believe in promoting wellness of mind, body and wallet.”
Allegacy’s Enrich personalized financial wellness program features the Your Money Personality financial behavior assessment, which analyzes each user’s financial “personality.” The platform also provides:
● Retirement and home affordability analyzers
* 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
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%, the credit union said..
Other positive behavior changes included:
● 27% increase in users with emergency savings funds covering three to six months of expenses
● 28% increase in users who pay their credit cards in full every month
● 32% increase in users getting on track with their financial goals
● 15% increase in users contributing to their retirement plan
“Enrich can help people of all income levels and in all phases of life,” said Donna Miller, iGrad vice president of business development. “Allegacy Federal Credit Union is demonstrating the importance of behavior-changing financial wellness education by offering Enrich to its more than 160,000 members.”