Over 7 million U.S. workers stand to gain access through recent HelloWallet partnerships.
Washington, DC. – September 14, 2011 — Leading online financial guidance company HelloWallet announced today they have sold over 200,000 memberships to leading employers since launching their full application in May. They also announced that they have formed new partnerships over the last two months with employee benefits providers that collectively serve over 7 million U.S. workers, which will roll-out through 2013.
HelloWallet’s application helps workers manage their financial life by providing personalized financial guidance to help save money and pay down debt. HelloWallet works with companies to offer their application as an employer-sponsored benefit.
“HelloWallet is a powerful engagement vehicle,” said Michael S. Adamcyk, Director Global Retirement Plans and Mobility at H.J. Heinz Company, one of HelloWallet’s Fortune 500 partners, “It gives workers the support they need to have a say in their finances.”
Since launching its application in May, HelloWallet has built on the success that its beta service had in improving employee retirement savings contributions and overall financial wellness. Within four weeks of rolling out to the entire U.S. population of a Fortune 200 partner in July, for instance, HelloWallet helped to increase average monthly savings contributions by over $300 (or nearly $4,000 annually). Average take-up rates among Fortune 500 employer partners of HelloWallet also continue to exceed industry standards, now up to an average 20 percent enrollment rate within 3 months of launching.
“Using our personalized, research-informed approach to guidance, we help workers of all backgrounds improve their financial behavior and find the money to build savings,” says HelloWallet Founder and CEO Matt Fellowes. “Being able to increase savings contributions is an incredible value proposition for companies that are focused on making their retirement programs successful and improving workforce well-being.”
“What’s great about HelloWallet is they’re really making financial guidance appealing to everyone,” says the Vice President of Benefits Strategy at a global professional services firm. “We’re seeing adoption of HelloWallet across every segment of our employee population, which is outstanding.”
In addition to on-boarding large enterprise customers, HelloWallet continues to rollout new features that help their members save more money. Recently, HelloWallet announced daily- personalized financial advice that will be incorporated into the daily newsfeed members receive when they log into the application.
HelloWallet is a leading provider online financial guidance offering their application as an employer-sponsored benefit to help workers save money, pay down debt, and improve overall well-being. The service helps participants manage their financial lives and provides personalized, unbiased financial guidance on saving money and paying down debt. Additionally, the company gives one membership to a family in need for every five subscriptions it sells. Founded in 2009, HelloWallet has raised over $9 million in investment capital, led by Grotech Ventures & Revolution Ventures. The company is led by former Brookings Institution Fellow Matt Fellowes.