Mobiloil Credit Union’s Enrich personalized financial wellness program includes the Your Money PersonalityTM financial behavior assessment, which analyzes each user’s personal relationship with their finances and provides recommendations for better financial behaviors. 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 affordability analyzers.
– A suite of student loan and higher education tools.
– Real-time personal finance calculators and budget tool.
Based in Beaumont, Texas, Mobiloil Credit Union is a member-owned, nonprofit financial cooperative serving 72,000 members in the Texas counties of Chambers, Hardin, Jasper, Jefferson, Liberty, Newton, Orange and Tyler.
Improving the financial health of credit union members and their communities is a top priority, said Lori Higgins, assistant vice president of business development for Mobiloil Credit Union.
“Personalized and relevant online resources are an important part of our financial wellness program and the reason we chose to partner with Enrich,” Higgins said. “By helping our members understand the ‘why’ behind how they manage their money and empowering them with the tools and resources to make smarter financial decisions, we can empower them to make lasting changes that will improve their financial health, along with all the intangible benefits that come with less stress.
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 life stage. life.
Recent data shows that as Enrich participants improved their financial understanding, their stress levels decreased. The Enrich platform prompts users to regularly update their stress score to assess the correlation between improved financial well-being and stress levels.
Other positive behavioral changes over a 12-month period include:
– 27% increase in the number of users with emergency savings funds covering three to six months of expenses.
– 28% increase in the number of users who pay their credit card in full each month.
– 32% increase in the number of users on track to meet their financial goals.
– 15% increase in the number of users contributing to their retirement plan.
“Improved financial well-being can have a major positive impact on overall quality of life,” said Sam Evans, vice president of iGrad business development for Enrich. “Many American adults of all income levels are worried about their financial future. We are delighted to be a key part of Mobiloil Credit Union’s commitment to improving the financial well-being 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, more than 20,000 employers, and over 300 financial institutions. iGrad’s Your Money Personality™ was recently 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 recently awarded the 2022 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 http://www.enrich.org.