As life progresses, new financial priorities emerge. Recent college grads might want to start saving in a 401k but not know anything about it. Someone approaching middle age could be looking to create a will but not know where to start.
Enter Principal Milestones featuring iGrad’s Enrich, an expanded financial wellness offering that tackles topics like student loans, will and legal document preparation, health savings accounts (HSAs), budgeting and more.
The new platform was informed by participant feedback, as well as research conducted by Principal in conjunction with behavioral economist Dan Goldstein.
“Seven in 10 Americans postpone making financial decisions, with less than one-third saying they feel comfortable with the amount of knowledge they have about managing finances,” the Des Moines, Iowa-based firm noted in its announcement. “In fact, the behavioral research revealed that confidence is a bigger driver of financial decision-making than income, and people who spend even a little bit of time learning about financial planning are 75 percent more likely to be confident in their financial future.”
No matter a person’s life stage or current money issue, Enrich aims to provide content and tools that will help them make informed choices. Previous resources addressed investment and benefits planning, but the new offering goes even further.
Users can take an in-depth online assessment to identify their money-related strengths and challenges. Enrich then tailors information to the individual’s situation, aiming to minimize employees’ financial stress and help them reach their goals.
The guidance provided might touch on:
- spending less than one earns
- saving for emergencies
- paying off student loans
- planning for a child’s college education and more
iGrad’s Enrich platform will integrate seamlessly with Principal’s existing wellness programming.
“The decision to further expand our financial wellness offering with Enrich was easy when the research so clearly ties confidence to postponing financial decisions,” said Joleen Workman, vice president of customer care at Principal. “We selected the Enrich financial wellness platform in large part because of its expansive set of content and tools, and the customization available, which makes each person’s experience more personalized and relevant.”
Jessa Claeys is a writer, editor and graphic designer.
