San Diego, CA, August 31, 2023 — Weyburn Credit Union in Weyburn, Saskatchewan has teamed up with the San Diego-based financial wellness company iGrad to offer the award-winning Enrich™ financial wellness platform to its nearly 9,000 members.
Enrich is available at no cost to Weyburn Credit Union members, who can access the platform by visiting https://weyburncu.enrich.org and creating an account with their email address.
“We’re excited to offer Enrich to our members as part of our commitment to their financial well-being,” said Tana Torkelson, Weyburn Credit Union vice president of marketing. “Everyone has different goals and priorities when it comes to finances. Enrich’s personalized, customized and mobile-friendly platform uses artificial intelligence to provide content to users based on their individual situations and goals. The Enrich platform is a key part of our efforts to help our members attain financial wellness.”
A study released in April by Manulife reveals that only one in five (21 percent) of Canadian workers say their financial situation is strong. Two in five (40 percent) rate it as fair to poor. More than half of respondents (53 percent) worry a great deal about one or more aspects of their personal finances.
Enrich, which is used globally by more than 20,000 employers and more than 300 financial institutions, seeks to lower financial stress in a measurable way. Users are prompted to update their stress score regularly to gauge the correlation between improved financial wellness and stress levels.
Enrich data from January 2020 to December 2021 found significant improvements in financial wellness among its users:
-35 percent increase in users who reported that they are on track with saving for their goals;
-14 percent increase in users who are contributing to their retirement savings plan;
-59 percent increase in users who had built up an emergency savings of at least three months of living expenses;
-28 percent increase in users who pay off credit card debt in full monthly.
Additionally, Enrich data showed that users who reported lower financial stress said that decrease was substantial – nearly 32 percent. About 36 percent also attributed that reduction in financial stress to using the Enrich platform.
