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Wednesday, May 22, 2024

Weyburn Credit Union and iGrad to Provide Enrich Personalized Financial Wellness Program to Members in Canada

Weyburn Credit Union Partners with iGrad to Offer Enrich Financial Wellness Platform

Weyburn Credit Union in Weyburn, Saskatchewan has collaborated with the San Diego-based financial wellness company iGrad to provide its nearly 9,000 members with the Enrich™ financial wellness platform at no cost. Members can access the platform by visiting https://weyburncu.enrich.org and creating an account with their email address.

Tana Torkelson, Weyburn Credit Union vice president of marketing, expressed excitement about offering Enrich to their members as part of their commitment to their financial well-being. The Enrich platform aims to provide personalized, customized, and mobile-friendly content to users based on their individual financial situations and goals. This is a crucial part of Weyburn Credit Union’s efforts to assist their members in achieving financial wellness.

A study by Manulife revealed that only 21 percent of Canadian workers rate their financial situation as strong, while 40 percent consider it fair to poor. Furthermore, more than half of respondents worry a great deal about various aspects of their personal finances.

Enrich, which is utilized by over 20,000 employers and 300 financial institutions worldwide, seeks to alleviate financial stress in a measurable way. It prompts users to regularly update their stress score to gauge the correlation between improved financial wellness and stress levels.

Data from January 2020 to December 2021 showed significant improvements in financial wellness among Enrich users, including a 35 percent increase in users who reported that they are on track with saving for their goals, a 14 percent increase in retirement savings plan contributions, a 59 percent increase in emergency savings of at least three months of living expenses, and a 28 percent increase in users who pay off credit card debt in full monthly. Additionally, users who reported lower financial stress experienced a nearly 32 percent decrease, with 36 percent attributing that reduction to using the Enrich platform.

The Enrich platform offers a range of features, including the Your Money PersonalityTM financial behavior assessment, financial education courses, retirement and home affordability analyzers, student loan and higher education tools, and personal finance calculators, among others.

Donna Miller, iGrad vice president of business development, highlighted the prevalence of financial stress and lack of financial wellness among Canadians of all income levels and expressed enthusiasm to be part of Weyburn Credit Union’s commitment to improving the financial wellness of its members.

iGrad is a San Diego-based financial technology company that provides artificial intelligence-powered financial wellness solutions to millions of students, employers, and financial institutions. The company has been recognized for its commitment to financial literacy education and its Enrich platform. For more information about the iGrad platform, visit https://www.igradfinancialwellness.com. For more information about the Enrich platform for employers and financial institutions, visit http://www.enrich.org.

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