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Wednesday, May 22, 2024

Cleveland Introduces Enrich Financial Wellness Platform for City Employees

In a recent partnership between the City of Cleveland and financial education company iGrad, nearly 7,000 city employees and their families will be gaining access to the award-winning Enrich™ financial wellness platform. This initiative is part of the city’s Wealth Works Financial Wellbeing Program, a component of the Wellness Works Program aiming to improve work performance, increase accountability, reduce absenteeism, and decrease healthcare costs.

The Enrich platform offers a wide range of tools and resources to help individuals improve their financial wellness, including the Your Money Personality™ financial behavior assessment, financial education courses, investment allocation analyzer, student loan tracker, personal finance calculators, and a real-time budget tool. The platform is designed to engage users with personalized content based on their financial situation and stage of life.

According to a report by the Center for State and Local Government Excellence, only 29 percent of state and local government employers offer financial literacy programs to their workforce, even though 68 percent of public employees expressed interest in participating in such programs. Similarly, a study by Morgan Stanley at Work found that 91 percent of employees faced personal financial issues, including difficulties with budgeting, debt reduction, and emergency savings.

Enrich’s impact on users has been significant, with a decrease in stress levels and positive behavior changes related to financial habits, including an increase in emergency savings, credit card payment in full, progress toward financial goals, and contributions to retirement plans. Executive Vice President Kris Alban emphasized that the Enrich platform can benefit people of all income levels and in all stages of life.

iGrad, the San Diego-based financial technology company behind the Enrich platform, offers artificial intelligence-powered financial wellness solutions to colleges and universities, employers, and financial institutions. The company’s Your Money Personality™ was recognized with the 2020 Excellence in Financial Literacy Education (EIFLE) Adults’ Education Program of the Year award, and iGrad has received several other accolades for its contributions to improving the financial health and security of Americans.

The City of Cleveland’s decision to provide Enrich to its employees demonstrates a commitment to financial wellness and the recognition of the importance of offering behavior-changing financial education. This partnership serves as a model for other organizations looking to support the financial well-being of their workforce.

For more information about the Enrich platform and iGrad’s financial wellness solutions, visit their website at https://www.igradfinancialwellness.com.

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