F&A Federal Credit Union Partners with iGrad to Offer Enrich Personalized Financial Wellness Program to its 47,000 Members
Based in Monterey Park, Calif., the credit union provides financial services to employees of the Los Angeles County Fire Department, the Los Angeles County Commissioner of Agriculture/Weights and Measures, and employees and families in 60 Southern California cities.
“Our mission is to help members achieve their financial goals at every stage of life by providing the highest value products, superior service and trusted advice,” said President and CEO of F&A Federal Credit Union, Tim Green. “We have chosen to offer the Enrich financial education platform to help our members and their families learn how to navigate the financial landscape and make informed personal finance choices. The tools are some of the best in the business and we anticipate that our members will benefit greatly from regular engagement with the platform.
F&A Federal Credit Union‘s Enrich personalized financial wellness program includes the Your Money Personality™ Financial Behavior Assessment, which analyzes each user’s financial “personality”. The platform also offers:
– Financial education lessons with personalized action plans on topics such as budgeting, mortgages, healthcare, college savings, student loan repayment, banking, credit, financial planning and more
-Retirement and Home Accessibility Analyzers
-A suite of student loan and higher education tools
– Real-time personal finance calculators and budget tool
Enrich is used by more than 20,000 employers and over 300 financial institutions across the country, with artificial intelligence technology that engages each user with the most relevant content based on financial situation and stage of life. The Enrich platform includes dynamic tools and courses, providing a highly personalized and interactive learning experience on financial topics including student debt, mortgages, budgeting, investing, retirement, and long-term care.
According to a 2021 Capital One CreditWise survey, 73% of Americans rank their finances as the most important source of stress.
To combat financial stress, Enrich users are encouraged to regularly update their stress score to assess the correlation between improved financial well-being and stress levels. Recent data from Enrich found that as participants improved their financial understanding, their stress levels decreased by an average of 23%.
Additional data from Enrich revealed positive behavioral changes as a result of program participation, including:
-27% increase in users with emergency savings funds covering three to six months of expenses
-28% increase in users who pay their credit card in full each month
-32% increase in users on track to meet their financial goals
-15% increase in the number of users contributing to their retirement plan
“Enrich can help people at all income levels and at all stages of life,” said Sam Evans, vice president of business development at iGrad. “F&A Federal Credit Union demonstrates the importance of behavior-changing financial wellness education by offering Enrich to its nearly 50,000 members.”
iGrad is a San Diego-based financial technology company that provides artificial intelligence-powered financial wellness solutions to more than 600 colleges and universities, more than 20,000 employers, and more than 300 financial institutions. iGrad’s Your Money Personality™ has been recognized by the Institute for Financial Literacy with the 2020 Excellence in Financial Literacy Education (EIFLE) Adult Education Program of the Year award. iGrad is one of three 2020 winners of the inaugural Barron’s Celebrates: Financial Empowerment, having been selected by a team of judges for its contributions to improving the financial health and security of Americans. iGrad was also awarded the 2019 Eddy Award for Financial Wellbeing by Pensions & Investments for its Enrich platform. For more information on the iGrad platform, visit https://www.igradfinancialwellness.com. For more information on the Enrich platform for employers and financial institutions, visit https://www.enrich.org.
About F&A Federal Credit Union
F&A Federal Credit Union is a full-service financial institution providing financial products and services to more than 47,000 members in Southern California. F&A serves the LA County Fire Department, Los Angeles County Commissioner of Agriculture/Weights and Measures, and employees of cities that contract with the LA County Fire Department. Based in Monterey Park, California, F&A Federal Credit Union was established in 1936 and has assets of nearly $2.5 billion. For more information, visit https://www.fafcu.org.