Aon Hewitt and HelloWallet to Help U.S. Employers Strengthen the Financial Health of Workers

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Apr 10, 2014, 03:19 ET

LINCOLNSHIRE, Ill. and WASHINGTON, April 10, 2014 /PRNewswire/ -- Aon Hewitt, the global talent, retirement and health solutions business of Aon plc (NYSE: AON), today announced it is teaming up with HelloWallet, a financial guidance software company, to help U.S. employers make the most of their benefits and strengthen the financial wellness of their workforce. HelloWallet provides access to comprehensive, unbiased guidance to help workers manage their debt, spend wisely and make the most of their company benefits.

The collaboration with HelloWallet complements Aon Hewitt's robust suite of solutions that are designed to help employers support the financial security and health of their workers. Recent Aon Hewitt research found that 76 percent of U.S. companies are somewhat or very likely to expand their financial wellness benefits beyond retirement in 2014. The relationship pairs HelloWallet's web and mobile financial guidance software with Aon Hewitt's benefits administration solutions to provide workers with access to their health and wealth data in an integrated way. For example, workers will be able to access data on their retirement plans, health plans, and overall financial wellness within a single portal, using a single password, allowing them to better manage their financial lives and make more effective decisions across, and beyond, their employer benefits programs.

"Employees must balance many financial needs—from health to education to retirement—and they need tools and resources to look at the big picture when it comes to managing their benefits, long-term savings goals and day-to-day budgeting," said Alison Borland, vice president of Retirement Strategy & Solutions at Aon Hewitt. "Our clients understand those demands and are looking beyond traditional retirement behaviors to focus on broad wellness objectives that cross traditional boundaries of employer-provided benefits. Our scale and expertise enable us to develop innovative solutions to address these demands."

According to Aon Hewitt, one factor driving employers' interest in overall wellness is the shift towards a more consumer-centric benefits model, where individuals are given greater control over their benefits decisions. Aon Hewitt's research has found that 77 percent of U.S. employers offer defined contribution (DC) savings plans, like a 401(k), as their primary retirement savings vehicle. Similarly, more than 56 percent of employers now offer consumer-driven health plans (CDHP), up from 38 percent in 2011.

The effectiveness of consumer-driven programs can depend on the underlying basic financial health of workers. HelloWallet research finds, for instance, that 60 percent of DC participants are accumulating debt at a faster rate than they are building retirement savings, undermining their retirement security. Workers also struggle with managing their portion of their health care costs. For example, Aon Hewitt found more than half of workers are confused about how much money to set aside in their health savings account (HSA).

"Poor financial health has become a barrier to the success of compensation and benefit investments," said Matt Fellowes, founder and CEO of HelloWallet. "If workers do not know how much they spend on groceries and are spending more than they make every month, they certainly are not going to be able to save effectively for health or retirement. We are delighted Aon Hewitt shares our focus on improving the lives of workers."

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About Aon Hewitt
Aon Hewitt empowers organizations and individuals to secure a better future through innovative talent, retirement and health solutions. We advise, design and execute a wide range of solutions that enable clients to cultivate talent to drive organizational and personal performance and growth, navigate retirement risk while providing new levels of financial security, and redefine health solutions for greater choice, affordability and wellness. Aon Hewitt is the global leader in human resource solutions, with over 30,000 professionals in 90 countries serving more than 20,000 clients worldwide. For more information on Aon Hewitt, please visit www.aonhewitt.com.

About Aon
Aon plc (NYSE:AON) is the leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 66,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative and effective risk and people solutions and through industry-leading global resources and technical expertise. Aon has been named repeatedly as the world's best broker, best insurance intermediary, reinsurance intermediary, captives manager and best employee benefits consulting firm by multiple industry sources. Visit www.aon.com for more information on Aon and www.aon.com/manchesterunited to learn about Aon's global partnership and shirt sponsorship with Manchester United.

About HelloWallet
HelloWallet improves the performance of organizations by providing independent guidance that aligns corporate spending with human capital needs. HelloWallet's cloud-based products enable executives with a data platform for making workforce compensation and rewards decisions that drive sustained improvements in engagement and wellness. The company's web and mobile applications provide personalized guidance to employees for converting their salary and benefits into prosperity. HelloWallet operates a double bottom line business model: for every five subscriptions sold, they donate one subscription to a family in need through a philanthropic partner. HelloWallet is headquartered in Washington DC. For more information, visit www.hellowallet.com.

Media Contacts:
For Aon Hewitt: MacKenzie Lucas, 847-442-2995, [email protected]
For HelloWallet: Rob Pinkerton, 202-803-5292, [email protected]

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SOURCE Aon plc