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Wednesday, May 22, 2024

iGrad and U.S. Chamber of Commerce Foundation Team Up to Provide Financial Wellness Education for over 10,000 Veterans

San Diego, CA, July 01, 2022 — The U.S. Chamber of Commerce Foundation and San Diego-based financial literacy education company iGrad have partnered to provide the award-winning Enrich™ financial wellness platform to more than 10,000 service members, military spouses and veterans through the foundation’s Hiring Our Heroes program.

The Enrich Hiring Our Heroes platform features the Your Money Personality financial behavior assessment, which analyzes each user’s financial “personality.” Additionally, the platform offers financial education courses with personalized action plans on topics including budgeting, mortgages, healthcare, college savings, student loan repayment, banking, credit, and financial planning. Retirement and home affordability analyzers, a suite of student loan and higher education tools, personal finance calculators, and a real-time budget tool are also included.

The Enrich platform is used by more than 20,000 employers and over 300 financial institutions nationwide. It features multiple dynamic tools and courses to deliver a highly personalized and interactive learning experience.

A 2019 report by the National Foundation for Credit Counseling found that nearly nine out of ten active service members and 84 percent of spouses or partners have worries about personal finances. Furthermore, a study from the Pew Research Center discovered that more than 30 percent of military veterans struggle to pay their bills. A 2020 report from the Consumer Financial Protection Bureau indicated that recent veterans are 10 times more likely to have delinquencies or credit defaults than they were before they left the service.

“Free financial wellness education is just as important as resume writing and networking when we talk about a holistic approach to economic opportunity connections for America’s veterans and military families,” said Eric Eversole, president of Hiring Our Heroes and vice president at the U.S. Chamber of Commerce.

The Enrich platform prompts users to update their stress score regularly to gauge the correlation between improved financial wellness and stress levels. As a result of program participation, there was a 27 percent increase in users with emergency savings funds covering three to six months of expenses, a 28 percent increase in users that pay their credit cards in full every month, a 32 percent increase in users getting on track with their financial goals, and a 15 percent increase in users contributing to their retirement plan.

iGrad is a San Diego-based financial technology company that provides artificial intelligence-powered financial wellness solutions. The company’s Your Money Personality™ was recently recognized by the Institute for Financial Literacy with the 2020 Excellence in Financial Literacy Education (EIFLE) Adults’ Education Program of the Year award.

The U.S. Chamber of Commerce Foundation is a 501(c)(3) nonprofit affiliate of the U.S. Chamber of Commerce dedicated to strengthening America’s long-term competitiveness by addressing developments that affect our nation, our economy, and the global business environment.

Hiring Our Heroes, a 501(c)3 organization under the U.S. Chamber of Commerce Foundation, is a nationwide initiative to help veterans, transitioning service members, and military spouses find meaningful employment. The non-profit has helped hundreds of thousands of veterans and military spouses find meaningful employment through its comprehensive training and hiring events, fellowship programs, and online tools.

With the goal of providing financial wellness education to service members, veterans, and military spouses, the U.S. Chamber of Commerce Foundation and iGrads are working to make a difference in the lives of those who have served our country.

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