DENVER — The Colorado Workforce Development Council (CWDC) has launched the Enrich online and mobile financial wellness resource, which is free for incumbent retail, hospitality, and food and beverage workers as part of the state’s Lives Empowered initiative.
Developed by the financial technology company iGrad, Enrich is an artificial intelligence-powered financial education platform with interactive, personalized courses and tools that help users achieve financial well-being.
Customized content adjusts to life stage and financial situation, covering everything from saving and budgeting to taxes and benefits planning.
“Lives Empowered is bringing together employers committed to the development and well-being of their workers, who understand that investing in their team benefits the business as well as their employees,” said Renise Walker, senior consultant with the Colorado Workforce Development Council. “The CWDC is proud to partner with Enrich to invest in the financial wellness of frontline workers and help businesses support, retain and upskill their employees to increase economic mobility throughout Colorado.”
According to a SHRM study, 83 percent of HR professionals reported that personal financial challenges had a large impact or some impact on overall employee performance.
Lives Empowered is helping mitigate hurdles for frontline workers by providing resources to manage challenges, in order to increase retention and support these workers in increasing their earnings and improving advance in their careers.
With a $4.1 million grant from Walmart, Lives Empowered provides training and upskilling to Colorado retail workers, giving them more opportunities for advancement and economic mobility—both of which are impacted by financial literacy.
Despite having the world’s largest economy, the U.S. ranks just 14th in Standard & Poor’s Global Financial Literacy Survey with an adult financial literacy rate of 57 percent.1
More than half of Americans have no emergency savings (FINRA), and the American Psychological Association estimates more than 70 percent of Americans are stressed about money.2
While this new platform is targeted at retail, hospitality, and food and beverage workers, it is free for and available to all Coloradans.
About Lives Empowered
Lives Empowered brings together retail businesses interested in working collaboratively to increase economic mobility for frontline workers across Colorado and contribute to a strong economy. Lives Empowered is made possible by a $4.1 million grant from Walmart to the Colorado Workforce Development Council. Learn more about Lives Empowered.
iGrad is a San Diego-based financial technology company that offers financial wellness solutions to more than 600 colleges and universities, more than 20,000 employers and more than 300 financial institutions. For more information about the iGrad platform for colleges and universities, visit www.igradfinancialwellness.com. For more information about the Enrich platform for employers and financial institutions, visit www.enrich.org.
1 - https://gflec.org/wp-content/uploads/2015/11/3313-Finlit_Report_FINAL-5.11.16.pdf?x49160
2 - https://www.usfinancialcapability.org/results.php?region=US