HelloWallet today announced the launch of an online Financial Wellness Assessment diagnostic tool, available on the HelloWallet web site. The diagnostic will allow employers to evaluate the financial well-being of their workforce.
HelloWallet provides its assessment by asking a few basic questions about each organization’s employee base, including demographic information such as age, income, and industry. Using analyses and algorithms developed by HelloWallet founder Matt Fellowes, a former Brookings Scholar and consumer finance expert, those profiles are then compared to open data sources from government agencies to determine the ability of employees to manage complicated decisions regarding healthcare, retirement, and other benefits provided as part of their workplace compensation.
The Assessment gives employers insight into the risk of employees cashing out of their 401(k) plans early, in turn facing hefty tax penalties, and shows them how their workforce can be expected to handle their employee-managed health care and other similar benefits programs.
“Employers are making huge investments in the rewards they provide to their workforce, yet they often lack the worker-level information they need to effectively communicate those benefits, drive engagement, and control costs,” said Fellowes. “This new diagnostic tool provides insights that allow employers to drive these outcomes by better aligning their total reward investments with the actual needs of their workforce.”
The Financial Wellness Assessment was recently previewed at the Financial Data Initiative Conference. The event, which was hosted by White House Chief Technology Officer Todd Park together with Deputy Secretary of the Treasury Neal Wolin, was attended by a wide variety of government officials and innovators. Financial wellness is attracting growing interest from government policy makers, and was a topic at November’s meeting of the President’s Council on Financial Capability, of which HelloWallet’s Fellowes is an advisor.
“For as many as 138 million Americans, the workplace may be the best and most appropriate venue in which Americans receive the information that will lead to better financial decision making,” said Mary J. Miller, Undersecretary of the Treasury, at the meeting.
“HelloWallet’s Financial Wellness Assessment is the first step in providing the information and resources necessary to ensure that employers are getting the intended results from their total rewards investments, and that employees have access to the resources they need to make the best financial choices,” said Fellowes.
The Financial Wellness Assessment can be accessed at www.hellowallet.com/fwa
About HelloWallet
HelloWallet works with leading companies to improve the financial wellness of their employees with the goal of decreasing human capital costs for employers and increasing productivity levels and financial capability of employees. HelloWallet is a web and mobile based application leveraging the latest research in behavioral science to provide employees with personalized financial guidance to manage their expenses and find more money in their paycheck to grow savings, pay down debt, and plan for the future.
Contact:
Elisabeth Lesser 202-803-5254 elisabeth@hellowallet.com
SOURCE HelloWallet
