HelloWallet was created to boost the wealth of workers by democratizing access to honest financial guidance – something only 20 percent of Americans have access to today.
Recent research by the Brookings Institution, Harvard University, and others has found that there are hundreds of billions of dollars unnecessarily lost by middle- and low-income workers because of avoidable financial missteps. Workers have significant difficulty connecting with the products that can help them convert earnings into prosperity. Brookings’ Retirement Security Project found, for instance, that 20 percent of workers eligible for 401(k)s choose not to participate and that only 1 percent of eligible workers contributed the maximum amount.
Professional financial advisors could help households and enterprises avoid these expensive problems and bolster their financial health, yet only 20 percent of American households have access to financial advisors.
In response to this gap, Matt Fellowes, the founder of HelloWallet, developed a new technology-based model to deliver financial advice that could sustainably serve the tens of millions of households that currently lack access.