Commitment worth more than $4 million, $20 million in new savings expected
Washington, DC – May 10, 2012 — HelloWallet, a financial guidance company that provides its online services as a benefit for workers at major employers, committed today that, with the support of Marsh & McLennan Companies, it will provide 20,000 free two year subscriptions to non-profit and government organizations. These subscriptions will help displaced workers, teachers serving high-need schools, and people in underserved communities manage their financial responsibilities and save more. Announced as part of the White House Summit on Financial Capability & Empowerment, this commitment is worth more than $4 million and is expected to generate more than $20 million in new savings for families and individuals.
“HelloWallet was founded to make honest, relevant, and affordable financial guidance available to all Americans,” said HelloWallet Founder & CEO Matt Fellowes. “We are pleased to be doing our part to help those most in need make the most of their money and prepare for the future.”
Using cutting-edge behavioral economics and mobile and web-based technologies, HelloWallet engages workers at five times the rate of traditional financial counseling at a quarter of the cost. Marsh & McLennan Companies and other leading employers that make HelloWallet available to their workers have seen savings commitments among users increase by 80% or more within a few months.
HelloWallet is a provider of technology-based, personalized financial guidance to employees of Fortune 1000 companies and other large institutions. It helps workers save money, improve their wellbeing, and manage their financial responsibilities through personalized, independent guidance and management services. Additionally, the company gives one membership to a family in need for every five subscriptions it sells. The company is led by former Brookings Institution Fellow Matt Fellowes.
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