iCrowdNewswire Oct 28, 20207:15 PM ET
SAN DIEGO—iGrad’s Your Money Personality™ 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 continues to deliver strong, innovative content and tools to advance financial wellness,” said Rachel Gordon, executive director of the Institute for Financial Literacy. “Your Money Personality brings financial education and behavioral economics together in a way that is approachable and effective. It can’t just be about money. To effectively educate and change lives, we must take a more comprehensive approach to financial education.”
Your Money Personality generates a personalized financial wellness guide based on personality type. The assessment is part of iGrad’s Enrich financial wellness platform, which is used by more than 20,000 employers and 300 financial institutions nationwide to provide interactive and personalized financial wellness education and tools to employees, members and customers.
Developed by leading financial wellness and behavioral economics experts, Your Money Personality incorporates a personality test that is similar to the Myers-Briggs Type Indicator® (MBTI®) by assessing financial behaviors across a range of categories, including outlook, emotions, focus, influence and bonus. It helps users understand each component of their money personality, including dominant traits, strengths and challenges—an understanding that is essential to making long-term changes.
The assessment uses Likert-type scale questions to assess financial behaviors, including spending, saving and budgeting. After answering questions in categories including emotions, focus, outlook and influence, users learn their financial strengths and challenges and receive specific directions on how to work towards achieving financial wellness.
More than 120,000 people have participated in Your Money Personality since its launch in 2018. A recent survey of nearly 650 participants revealed:
- 55 percent said they reduced unnecessary spending
- 47 percent said financial anxiety and stress has decreased
- 37 percent increased their savings
- 33 percent have increased what they are paying towards debt
- 22 percent established or increased their retirement savings
“We are thrilled to again be recognized with this prestigious award,” said Rob LaBreche, founder and president of iGrad. “Even more, we are proud that Your Money Personality is making such a difference in helping people work towards financial wellness.”
The EIFLE Awards were created 13 years ago to acknowledge innovation, dedication and the commitment of individuals and organizations that support financial literacy education worldwide.
iGrad is a San Diego-based financial technology company that provides artificial intelligence-powered financial wellness solutions to employers, financial institutions and colleges and universities. iGrad’s Enrich Financial Wellness platform is used by more than 20,000 employers and more than 300 financial institutions to provide behavior-changing financial literacy education to employees, customers and members.
iGrad was recently recognized, along with the American Physical Therapy Association (APTA), with the Power of A Gold Award by the American Society of Association Executives for its APTA Financial Solutions Center. iGrad also received the 2019 Eddy Award for Financial Wellness by Pensions & Investments for its Enrich platform. For more information about the iGrad platform, visit https://www.igradfinancialwellness.com/. For more information about the Enrich platform for employers and financial institutions, visit https://www.enrich.org/.
About the Excellence in Financial Literacy Education (EIFLE) Awards
Established in 2007, the mission of the EIFLE Awards is to promote the effective delivery of consumer financial products, services and education by acknowledging the accomplishments of those that advance financial literacy education. The EIFLE Awards dinner is held each year during the Annual Conference on Financial Education.
About the Institute for Financial Literacy
The Institute for Financial Literacy is a nonprofit 501(c)(3) tax exempt organization whose mission is to promote effective financial education and counseling. As a national authority on adult financial education, the Institute advances professionalism and effectiveness in the field of financial literacy by setting the National Standards for Adult Financial Literacy Education™, hosting the Annual Conference on Financial Education™, presenting the Excellence In Financial Literacy Education (EIFLE)™ Awards, and administering Fincert.org™ and Center for Consumer Financial Research™. For more information about the Institute, visit www.FinancialLit.org.
Executive Vice President
Keywords: financial wellness, employee financial wellness, financial wellness program, financial education, financial behavior assessment, financial stress, financial coaching, employee benefits