Gallagher has launched a new financial wellness solution called Gallagher Money Coaching, billed as a flexible and customizable suite of solutions that can include one-on-one coaching, debt reduction tools and more.
According to the firm, the wellness solution will be delivered in partnership with Your Money Line and Peter Dunn, also known as “Pete the Planner,” who is the CEO and founder of Your Money Line. In partnership with Your Money Line, the Gallagher Money Coaching service will also cover housing affordability, public student loan forgiveness, budgeting, retirement education and wealth management planning.
“A workforce that hasn’t adequately addressed its financial challenges is inherently more expensive and less fulfilled,” says John Jurik, Gallagher’s retirement plan consulting national practice leader. “A successful financial well-being approach provides problem-solving tools for individuals, supports an organization’s goals and shows a return on investment by supporting individuals’ total well-being.”
Jurik says Gallagher Money Coaching “centers on the individuals and how they save, spend, invest, borrow and protect their finances.” He says the solution is a win-win, as it enhances the value on investment for employees and the return on investment (ROI) for organizations.
In revealing the new solution, the firm points to the Gallagher 2021 “Retirement Plan Sponsor Survey,” which finds 86% of employees say it is important for their employer to offer financial well-being programs. At the same time, the survey says more than six in 10 employers surveyed do not yet offer one.
The survey further shows individual financial coaching has become a top priority for employers, and when asked what tool would be most helpful to improve individual financial well-being, both employers and employees selected individual financial coaching (52%) over technology (33%) and basic financial education (15%).