United Teletech Financial Federal Credit Union has teamed up with San Diego-based financial education company iGrad to offer the award-winning Enrich™ financial wellness platform to its 25,000 members.
United Teletech Financial’s Enrich personalized financial wellness program features the Your Money PersonalityTM financial behavior assessment, which analyzes each user’s financial “personality,” and credit score reporting, which allows each user to learn about credit scores and monitor their own credit report. The platform also provides:
● 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
Based in Tinton Falls, N.J., United Teletech Financial is a not-for-profit financial cooperative serving members and their families in Monmouth and Ocean counties and parts of central Middlesex County since 1967.
“Our aim is to help members make financial decisions that most benefit them, regardless of whether they are starting out in life, need a car or home, or have accumulated assets that need protection,” said United Teletech Financial Federal Credit Union CEO Leo Ardine. “With the credit union industry focusing on financial well-being for all, the addition of this type of service couldn’t be more timely. As an important partner in disseminating useful advice, Enrich gives us tools to put the right content and the right services in front of members.”
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 financial situation and stage of life.
A new survey by SoFi at Work and Workplace Intelligence found that 51 percent of employees are more stressed about their finances today than they were during the height of the pandemic and spend around a quarter of their workweek dealing with financial issues.
A 2021 Capital One CreditWise survey revealed that 73 percent of Americans rank their finances as the most significant source of stress.
Recent data shows that as Enrich participants improved financial understanding, their stress levels dropped. The Enrich platform prompts users to update their stress score regularly to gauge the correlation between improved financial wellness and stress levels.
Other positive behavior changes included:
● 27 percent increase in users with emergency savings funds covering three to six months of expenses
● 28 percent increase in users who pay their credit cards in full every month
● 32 percent increase in users getting on track with their financial goals
● 15 percent increase in users contributing to their retirement plan
“Improved financial wellness can have a major positive impact on overall quality of life,” said Tim Delaney, iGrad vice president of business development for Enrich. “United Teletech Financial Federal Credit Union is demonstrating the importance of behavior-changing financial wellness education by offering Enrich to its 25,000 members.”
