The ever-present question regarding a financial wellness platform is how to calculate the return on investment. Finances are a highly private matter and a program that discusses them can be both tempting and (possibly) intrusive. However, because financial health is often managed behind closed doors, results are not immediately visible for both the administrators and the users. Credit scores take time to improve. Debts take time to pay down. Interest continues to accrue. Stress will always be present. Even for the users who have seen an improvement in their finances, aside from a happier employer or student, the results of that private improvement will often not be evident to the administrator. Therefore, the last bastion of ROI is to be found in the data.
Who Are They?
Administrators vary in their role and job title regarding the platform. They often range from: the people that found the program, the people that purchased the program, and the people responsible for implementing the program.
What Are They Looking For?
Overall, administrators are looking for their programs to be effective. However, one of the strengths of a good financial wellness platform is its versatility to customize it for a variety of goals. Therefore, the effectiveness of a financial wellness program is a subjective matter entirely dependent on the defined usage of the platform. Some organizations view financial wellness as a holistic solution and measure the number of enrollments as an indicator of the platform’s effectiveness; others choose to employ customized learning modules as a tool to tackle specific problems, ultimately delivering a successful performance of the platform, while usage numbers are not as significant.
Both iGrad and Enrich offer a substantial and comprehensive implementation process wherein we work closely with the client to launch the program, perfect branding, modify choices and tweak marketing materials to successfully launch the financial wellness program with high success.
Among administrators from internal data polling, iGrad and Enrich consistently earn high marks in all categories regarding the platform.
79% agreed the content and topics on the platform were wide-ranging and useful.
89% of polled administrators agreed their contact person for the platform was helpful and responsive.
79% of administrators claim the frequency and quality of the platform updates met or exceeded expectations.
In short, the experience of creating, launching and implementing the platform, from an administrator standpoint, exceeds in every data point.
Who Are They?
The users are the people for whom the platform is intended. Whether trying to get through school with as little debt as possible, or stressing about burdensome credit card debt in their workplace, the user is any person who can benefit from using the platform and its many options to improve their financial literacy.
What Are They Looking For?
Users are simply looking for improvements. They want to see more money in their bank, in their pockets, in their retirement funds and paying down their debt. Ideally, once users are empowered to take better control of their finances they can tackle the tangential problems associated with that stress such as anxiety, sleeplessness, poor productivity and lack of attention.
iGrad or Enrich users vary in age, income level, debt level and knowledge. Coincidentally, the platform allows for a self-guided experience to effortlessly cater to each individual’s most effective and needed topics.
88% of users say they have either gained new financial knowledge or have remained at the same level of financial literacy due to the platform.
Less than 10% claimed not to enjoy the variety of learning including videos, articles and games.
83% said they had seen changes in their emotional spending after reading articles on the topic.
97% agree that the content and topics on the platform will affect or change their behavior.
The iGrad and Enrich platforms do not provide concrete answers to specific questions opting instead to provide a self-guided educational foundation. It is beholden to the users to enact the changes and take hold of the offered education.
What Is It?
A program has been found and implemented. The users have the resource they demanded. But work doesn’t stop there. Increasing awareness and usage of the platform is essential. Engagement is the key to a working financial wellness program.
What Are The Results Of Engagement?
Studies show that repeated usage of a financial wellness program increases its effectiveness. Making the existence known and recommending usage of the program is dependent upon the administrators. Both the iGrad and Enrich platforms offer a plethora of marketing materials designed to make announcement and reminders of the platform effortless. However, even with a suite of available tools, engagement remains a difficult hurdle. Once the users are made aware of the platform, encouraging repeated usage and exploration is another necessary step.
Despite the encouraging statistics above, there is one area in our polling which has potential for improvement - program awareness. When asked if the user had a chance to use the available tools and resources more than half (54%) disagreed. Among polled data and testimonials, both iGrad and Enrich frequently see user testimonials wishing they had known about the program. Over three-quarters of users (77%) claimed to be unaware there was more to the platform outside of their required learning modules.
Of the users that have consistently used the platform, the testimonials reinforce the effectiveness of the Enrich platform, such as:
“[The platform] helped me have a clear understanding of how to budget myself financially and not spend frivolously.”
“[The platform] is a phenomenal tool that provides informative articles and information. Gaining knowledge before stepping into demanding situations has been imperative to my financial success thus far in the semester.”
“[The platform] has been amazing. I can't thank them enough for sharing such great and incredible articles that everyone can relate to and learn from.”
“Truthfully, [the platform] was required….but once I got into it, I was learning so much in an interesting way that I did all of the modules. Not just the required ones.”
“I did more than the required amount because there were so many interesting courses that were, in fact, very helpful.”
The Enrich platform has been carefully designed, and won several awards for its versatile, customizable, content-rich functionality. By accounting for numerous learning styles with a variety of resources including games, videos (as well as text alternatives), articles, calculators and worksheets, the platform aims to engage the user while allowing the administrators ease, access and value. Among both users and administrators, and across our independently branded sites, the Enrich platform has excelled as a leader in the industry by presenting financial literacy in a way that earns results from satisfied, educated, financially-aware clientele.