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Tuesday, May 21, 2024

Golden 1 Credit Union collaborates with iGrad to provide members with the Enrich Personalized Financial Wellness Program

Golden 1 Credit Union (Golden 1) has announced a new partnership with iGrad, a San Diego-based financial education company, to provide their award-winning Enrich™ financial wellness platform to their one million plus members across California. This innovative digital platform will replace Golden 1’s previous Learning Lab, offering a more personalized and mobile-friendly approach to financial education.

Some of the key features of the new platform include the Your Money Personality™ financial behavior assessment, personalized financial education courses with action plans, retirement and home affordability analyzers, student loan and higher education tools, personal finance calculators, and a real-time budget tool. This dynamic platform is designed to cater to members of all ages and provide a wide range of financial resources and materials to help build a strong foundation for financial success.

The Enrich platform has been widely adopted by over 20,000 employers and 300 financial institutions nationwide, utilizing artificial intelligence technology to deliver relevant content based on each user’s unique financial situation and stage of life.

The impact of financial stress on mental health has been a major concern, with nearly 50 percent of surveyed adults reporting a severe or major impact on their mental health due to money worries. In response, Enrich users are prompted to regularly update their stress score to monitor the correlation between improved financial wellness and stress levels.

Data from January 2020 to December 2021 revealed significant improvements in financial wellness among Enrich users, including a 35 percent increase in users saving for their goals, a 14 percent increase in users contributing to their retirement savings plan, a 59 percent increase in users building up emergency savings, and a 28 percent increase in users paying off credit card debt in full monthly. Additionally, users reported a substantial decrease in financial stress, with 36 percent attributing this reduction to using the Enrich platform.

Todd Woodlee, iGrad vice president of business development for Enrich, emphasized the positive impact of improved financial wellness on overall quality of life, noting that many adults, regardless of income level, are concerned about their financial future.

iGrad is a financial technology company based in San Diego, providing artificial intelligence-powered financial wellness solutions to millions of students, employers, and financial institutions. The company has been recognized with awards from the Institute for Financial Literacy and Pensions & Investments for its Enrich platform.

Golden 1 Credit Union, with nearly $20 billion in assets and over one million members, is committed to enhancing the financial well-being of Californians and their diverse communities. The credit union is dedicated to creating a more equitable and financially inclusive California.

This new partnership between Golden 1 and iGrad will undoubtedly enhance the financial education and resources available to Golden 1 members, empowering them to achieve greater financial wellness and success. For more information about the Enrich platform, visit https://www.enrich.org. Visit https://www.golden1.com for more information about the Golden 1 Credit Union.

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