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Golden 1 Credit Union Teams Up with iGrad to Offer the Enrich Personalized Financial Wellness Program to its Members
May 22, 2023, Sacramento, CA
Golden 1 Credit Union (Golden 1) has teamed up with San Diego-based financial education company iGrad to offer the award-winning Enrich™ financial wellness platform to its more than one million members throughout California.
The new and innovative digital platform replaces Golden 1’s previous Learning Lab, which helps members learn and improve their financial knowledge and skills. Golden 1’s financial education efforts now include Enrich’s personalized and mobile-friendly platform that members can easily access through the credit union’s Financial Wellness Center or by visiting learninglab.golden1.com.
The new platform provides:
- The Your Money PersonalityTM financial behavior assessment that analyzes each user’s financial “personality;”
- 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.
“Californians' financial well-being is Golden 1’s highest priority, and we’re thrilled to introduce a new and enhanced learning lab that provides financial empowerment for our members and diverse communities,” said Barbara Quan, Financial Education Manager for Golden 1. “Enrich is a dynamic platform suitable for all ages and offers a wealth of financial health resources and materials, providing the foundational building blocks for financial success.”
Enrich is used by more than 20,000 employers and more than 300 financial institutions nationwide, with artificial intelligence technology that engages each user with the most relevant content based on their unique financial situation and stage of life.
Nearly 50 percent of 3,000 surveyed adults said money worries had a “severe or major impact” on their mental health over the past year, according to the 2022 PwC Employee Financial Wellness Survey. 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.
Enrich data from January 2020 to December 2021 found significant improvements in financial wellness among its users:
- 35 percent increase in users who reported that they are on track with saving for their goals;
- 14 percent increase in users who are contributing to their retirement savings plan;
- 59 percent increase in users who had built up an emergency savings of at least three months of living expenses;
- 28 percent increase in users who pay off credit card debt in full monthly.
Additionally, Enrich data showed that users who reported lower financial stress said that decrease was substantial – nearly 32 percent. Approximately 36 percent also attributed that reduction in financial stress to using the Enrich platform.
“Improved financial wellness can have a major positive impact on overall quality of life,” said Todd Woodlee, iGrad vice president of business development for Enrich. “Many adults of all income levels are worried about their financial future. We are thrilled to be a key part of Golden 1 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 more than 2.7 million students at 650 colleges and universities, over 20,000 employers and over 300 financial institutions. iGrad was recently recognized by the Institute for Financial Literacy with the 2023 Excellence in Financial Literacy Education (EIFLE) Adults’ Education Organization of the Year Award. iGrad also received the 2022 Eddy Award for Financial Wellness by Pensions & Investments for its Enrich platform. For more information about the iGrad platform, visit www.igradfinancialwellness.com. For more information about the Enrich platform for employers and financial institutions, visit www.enrich.org.
ABOUT GOLDEN 1 CREDIT UNION
With nearly $20 billion in assets, Golden 1 Credit Union is one of the largest and most admired credit unions in the United States, providing its members with easy access to the financial solutions and resources they need to improve their well-being. As a dynamic and trusted leader, Golden 1 is committed to enhancing the financial well-being of Californians and their diverse communities to create a more equitable and financially inclusive California. Golden 1 proudly serves all those who live or work in California. Golden 1 is more than 1 million members strong and has over 2,200 employees. Visit golden1.com for more information.