WebMD Health Services, a subsidiary of WebMD Health Corp., announced the launch of a new solution that helps employees become better educated about their financial challenges through personalized skill building and action plans that reduce money-related stress and motivate change, no matter their current financial situation or stage of life.
The new offering, iGrad’s Enrich financial platform, goes beyond investment and benefits planning to provide the foundational information and insights needed to help consumers not only improve financial literacy, but also sustain it over time. An in-depth online assessment evaluates an individual’s strengths and challenges and then delivers personalized recommendations to help employees minimize financial stress and reach their goals, such as to spend less than they earn, save for emergencies and plan for the future. Enrich supports employees at all life stages, providing strategies to help pay off student loans, plan for a child’s college education, budget for health savings accounts and save for retirement.
Enrich is seamlessly integrated with WebMD Health Services platforms to raise awareness, drive engagement, personalize the experience and reward individuals. Importantly, it does not link to financial institutions or personal account information, which WebMD Health Services says the majority of employees prefer.
“WebMD Health Services believes it is important to provide a solution that can educate and support individuals no matter where they are on the financial spectrum,” says John Harrison, senior vice president of customer experience at WebMD Health Services. “Enrich Financial Wellness is education-based, developed by financial experts, and driven by a commitment to help employees build their skills and achieve their financial goals.”
WebMD Health Services notes that financial wellness is now recognized as a critical component of overall well-being and workplace productivity. It is linked to anxiety, insomnia and depression and is a significant source of stress for 72% of Americans, including 65% of Millennials.
Studies show that financial stress leads to increased absenteeism, reduced productivity, and a lack of focus at work. Additionally, approximately one-third of employees report being distracted by personal finance issues while at work, with almost half of them spending three hours or more each week handling these matters during the work day, according to a PwC survey.“WebMD’s commitment to financial wellness education is significant because of the proven connection between financial stress and health issues,” says iGrad President and CEO Rob LaBreche. “We are thrilled about partnering with WebMD to offer our adaptive and interactive online financial literacy platform.”