Commonwealth of Massachusetts and iGrad Partner to Offer Enrich Financial Wellness Platform to Current and Retired State Employees
Boston, MA, May 25, 2021 – (PR.com) – As part of the first nationwide program of its kind, the Commonwealth of Massachusetts and San Diego-based financial education company iGrad have teamed up to offer the award-winning Enrich ™ Financial wellness platform for 156,000 current and retired government employees.
The Economic Empowerment Trust Fund (EETF), chaired by Massachusetts State Treasurer Deborah B. Goldberg, received a Wells Fargo Foundation grant last year to support a comprehensive financial wellness initiative (1) for public sector workers in the State. The Treasurer’s Office of Economic Empowerment (OEE) carries out the work and mandate of the EETF.
“It has always been one of my top priorities to give everyone access to the resources and skills necessary to navigate our financially complicated lives,” said Treasurer Deborah B. Goldberg. “By offering the Enrich platform, we are equipping current and retired government employees with the skills they need to make informed decisions to achieve economic stability for themselves and their families.”
OEE selected Enrich because the portal can provide tailored financial training to meet the unique needs of employees and retirees in Massachusetts. Enrich offers its users an onboarding assessment, with each user having access to their customized content.
Enrich fits in with OEE’s general financial wellness initiatives and provides convenient access to digital content. Every Massachusetts employee and retiree can control their financial wellness journey on their own schedule. In addition, Enrich offers its users training webinars.
Enrich offers Your Money Personality ™ financial behavioral assessment, which analyzes the financial “personality” of each user. The interactive, mobile-friendly platform also offers:
– Financial literacy courses with personalized action plans on topics such as budgeting, mortgage, healthcare, college savings, student loan repayment, banking, credit, financial planning, and more
– Analyzers for the age and affordability of homes
– A range of tools for student loan and higher education
– Personal financial calculator and a real-time budget tool
Enrich is used by more than 20,000 employers and more than 300 financial institutions across the country. Artificial intelligence technology provides each user with the most relevant content based on their financial situation and stage of life.
The Enrich platform includes dynamic tools and courses that provide a highly personalized learning experience on financial topics such as student debt, mortgages, budgeting, investing, retirement and long-term care.
A report published in April 2020 (2) by the Center for State and Local Government Excellence found that only 29 percent of state and local employers offer financial literacy programs to their employees, while 68 percent of public sector workers would participate in these programs if they did one was offered.
According to the report, 88 percent of respondents were worried about their personal finances and financial decisions before the pandemic, and 66 percent said they were worried while at work.
According to a 2021 survey by Capital One CreditWise (3), 73 percent of Americans rate their finances as the top source of stress.
To combat financial stress, Enrich users are encouraged to update their stress score approximately every four months to measure the correlation between improved financial wellbeing and stress levels.
Data from 2019 shows that as Enrich participants improved their financial understanding, their stress levels decreased.
Additional Enrich data revealed positive behavioral changes as a result of participation in the program, including:
– Increase in the emergency savings fund by 27 percent to cover expenses for three to six months
– 28 percent more credit cards paid in full each month
– 32 percent more employees who achieve their financial goals
“Enrich can help people of all income levels and at all stages of life,” said Sam Evans, vice president of business development for iGrad. “The Commonwealth of Massachusetts is demonstrating the importance of financial wellbeing by offering Enrich state employees and retirees who are part of a group dedicated to behavioral financial education.”
iGrad is a San Diego-based financial technology company that provides artificial intelligence financial wellness solutions to more than 600 colleges and universities, 20,000+ employers, and 300+ financial institutions. iGrads Your Money Personality ™ was recently recognized by the Institute for Financial Literacy with the 2020 Excellence in Financial Literacy Education (EIFLE) award for Adult Education Program of the Year. iGrad is one of three 2020 award winners at the opening of Barron’s Celebrates: Financial Empowerment after being selected by a team of judges for its contributions to improving the financial health and safety of Americans. iGrad also received the Eddy Award 2019 for the financial well-being of pensions & investments for its Enrich platform. For more information on the iGrad platform, please visit https://www.igradfinancialwellness.com. Further information on the Enrich platform for employers and financial institutions can be found at https://www.enrich.org.