San Diego County Water Authority and iGrad Partner to Offer Enrich Financial Wellness Platform to Employees
San Diego, CA, May 18, 2021 – (PR.com) – The San Diego County Water Authority (SDCWA) and San Diego-based financial education company iGrad have partnered to create the award-winning Enrich ™ Financial Wellness platform for the 255 employees of the SDCWA and the employees of its 24 member organizations.
The SDCWA was one of 24 state and local government organizations that received part of a 1.4 million grant. The Wells Fargo Foundation-funded grant was made through a collaboration between the Center for State & Local Government Excellence (SLGE), the International Public Management Association for Human Resources (IPMA-HR) and the National Association of State Treasurers Foundation (NASTF.)).
Financial well-being has been a focus of public institutions for many years, but even more so in the wake of the COVID-19 pandemic and the budget and economic crisis that many employees are facing today. Studies have shown that employee financial stress has a significant impact on work productivity, focus and engagement. In January 2021, the SDCWA expanded its financial wellness initiatives to include Enrich and extended it to employees of its 24 member agencies.
In addition to the Enrich Financial Wellness platform, the SDCWA has started additional training workshops and activities to help educate and promote behavioral changes; Providing resources and campaign material to member agencies to promote financial well-being in their own agency; and facilitated activities and challenges that further encourage short and long term financial planning with incentive pricing.
“Enrich is a great addition to our program,” said Gretchen Spaniol, SDCWA Special Projects Manager. “The teaching content and financing instruments work for employees in every phase of life – from repaying the student loan to buying a house to saving for retirement.”
Enrich provides Your Money Personality ™ Financial Behavior Assessment, which analyzes the financial “personality” of each user. The interactive, mobile-friendly platform also offers:
– Financial education courses with personalized action plans on topics such as budgeting, mortgage, healthcare, college savings, student loan repayment, banking, credit, financial planning, and more
– Analysis of retirement planning and home affordability
– A range of student loan and higher education tools
– Personal finance 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, with artificial intelligence that appeals to each user with the most relevant content based on 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, mortgage, budgeting, investing, retirement and long-term care.
A report (2) by the Center for State and Local Government Excellence released in April 2020 found that only 29 percent of federal and local government employers offer financial education programs to their workforce, while 68 percent of civil servants would participate in these programs when she was offered one.
The report found that even before the pandemic, 88 percent of respondents were worried about their personal finances and financial decisions, and 66 percent said they were worried at work.
According to a 2021 CreditWise survey by Capital One (3), 73 percent of Americans rank their finances as the top stress source.
To combat financial stress, Enrich users are encouraged to update their stress score roughly every four months to measure the correlation between improved financial well-being and stress levels. 2019 data shows that their stress levels decreased as Enrich participants improved their financial understanding.
Additional Enrich data found positive behavior changes as a result of program participation, including:
– 27 percent increase in emergency funds to cover expenses for three to six months
– 28 percent more credit cards paid in full each month
– 32 percent increase in the number of employees meeting their financial goals
“Financial stress has been shown to negatively affect physical and mental wellbeing, lower productivity in the workplace and increase healthcare costs,” said iGrad Founder and President Rob LaBreche. “We are very excited to be working with the SDCWA on this important financial wellbeing initiative.”
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. Your Money Personality ™ by iGrad was recently recognized by the Institute for Financial Literacy with the 2020 Excellence in Financial Literacy Education (EIFLE) Adults’ Education Program of the Year Award. iGrad is one of three 2020 award winners at the inaugural Barron’s Celebrates: Financial Empowerment after being selected by a team of judges for its contribution to improving the financial health and safety of Americans. iGrad also received the Eddy Award 2019 for Financial Wellness from 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.
Via the San Diego County Water Authority
The San Diego County Water Authority supports a regional economy valued at $ 245 billion and the quality of life of 3.3 million people through a decade-long water diversification plan, extensive infrastructure investments, and forward-looking policies that promote fiscal and environmental responsibility. The water authority, a public authority founded in 1944, supplies 24 small water suppliers, including cities, special districts and a military base, with wholesale water. More information is available at https://www.sdcwa.org.
(2) https://slge.org/news-posts/new-research-shows-state-and-local-public-employees-concerned-about-their-personal-finances https://www.prnewswire.com/ Press-releases / twenty-four-our-state-local-jurisdictions-conferred-employees-financial-wellness-grants-301131711.html