The U.S. financial wellness benefits market was valued at $446.31 million in 2021 and is expected to reach $964.69 million by 2027.
| Source: Arizton Advisory and Intelligence
Chicago, March 09, 2022 (GLOBE NEWSWIRE) — [328 Pages Report] According to the Arizton’s latest research report, the U.S. financial wellness benefits market is expected to grow at a CAGR of 13.71% during 2022-2027. Financial planning, financial education & counseling, and retirement planning are the top 3 segment contributing over $450 million during 2021-2027.
U.S. Financial Wellness Benefits Market Report Scope
|Market Size (2027)||$964.69 Million|
|Growth Rate from (2022-2027)||13.71%|
|Segments Covered||Program, End-User, Delivery, Type, Industry and Region|
|Key Vendors||Prudential Financial, Bank of America Merrill Lynch, Virgin Pulse, Mercer, and Financial Finesse|
|Region||South, West, Midwest, and Northeast|
- The financial wellness benefits market in the US has 300+ players. Start-ups and employee benefits providers (offering EAPs, healthcare, and insurance) occupy the player space.
- Financial stress now aggravated by COVID-19 is the leading cause of lost productivity, unplanned absences, lower job performance, and greater distractions among employees. Several vendors in the market are looking to establish a financial wellness program due to the pandemic coupled with modern digital solutions and human support.
- In 2021, the Southern US region accounted for over 36% of the US financial wellness benefits market share. The Southern region consists of the following major states including Texas, Florida, Virginia, Georgia, and others. It has one of the largest number of companies and ranks the highest in terms of the number of employees in the US.
- The people living in the Northeast region mostly tend to believe that their stress levels increased due to the financial crunch sweeping across several industries in recent years. Hence, the region is expected to witness the highest CAGR during the forecast period.
- In terms of end-users, large businesses accounted for largest share in the US financial wellness benefits market and expected to witness CAGR of over 14% during the forecast period.
- Demand for financial wellness programs is anticipated to grow at a CAGR of 14.34% and 13.59% through one-on-one and online/digital delivery mode respective during 2021-2027.
- Advanced algorithms and data analytics are helping employers determine if employees are taking actions, making behavioral changes, and whether they need guidance and a push for accomplishing their goals. The most effective benefits are customized to each employee’s state, needs, and goals, and delivered through multiple channels.
- The future of financial wellness benefits is expected to be governed by targeted communication, multichannel approach, accessibility to reliable resources, and personalized learning paths for exponential engagement.
- Market Size & Forecast by Revenue | 2021−2027
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis program, end-user, delivery, type, industry, and region
- Competitive Landscape – 5 key vendors and 36 other prominent vendors
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U.S. Financial Wellness Benefits Market – Growth & Opportunities
There is a tremendous ongoing activity in the financial wellness benefits market in the US. Increasing growth in early wage access is one of the emerging trends in the market. The COVID-19 pandemic has skyrocketed an already growing trend. Since its onset, employers are finding new ways to engage their employees and deliver value to them through new solutions, partnerships, and early access to their earned wages more than ever before.
Vendors in the market are thereby offering access to early wages by charging employees the subscription fee, a share of the requested funds, or a flat rate fee on each transaction. Employers are also looking at it to entice and increase hourly talent retainment and maintain higher efficiencies owing to its direct connection to the payroll.
Market Segmentation by Program
- Financial Planning
- Financial Education & Counseling
- Retirement Planning
- Debt Management
Segmentation by End-User
- Large Businesses
- Medium-Sized Businesses
- Small-Sized Businesses
Segmentation by Delivery
Segmentation by Type
- Consumer Tools
- Employer Tools
Segmentation by Industry
- Financial Services
- Public Sector
Segmentation by Region
- Southern U.S.
- Western U.S.
- Midwest U.S.
- Northeast U.S.
Key Drivers and Trends Fueling Market Growth:
- Growing Role of Wellness Champions
- Increasing Growth in Early wage Access
- Rising Penetration of Gig Economy in US
- Huge Interest & Investment from Investment Companies
- Hijack of the Term Financial Wellness
- Growing Influence of Data Analytics in Financial Wellness
- Rising Financial Wellness Incentives
- Administration of Targeted Benefits
- Changing Work Dynamics in US
- COVID-19 Fueling Demand for Financial Wellness
- Financial Unease Despite Upbeat Environment Pre-COVID-19
- Integrating and Leveraging Existing Benefits
- Employers Take Onus for Employee Financial Wellness
U.S. Financial Wellness Benefits Market – Investment Analysis
Investments in financial wellness start-ups have accelerated rapidly in the last few years. The pandemic has led to an elevated interest in financial wellness and related health and wellness products, attracting huge opportunities for investments. Also, the US financial wellness benefits market is witnessing a surge in women that are putting finances on higher priority, as they relook at their financial responsibilities and look to protect their family in these hard times and expanding the scope of investments in the coming years. Moreover, employers wield tremendous power over employee financial wellness and establish a positive culture that can rid employees stress and enable them to reap success. This is driving the affinity for financial wellness benefits and creating elevated levels of activity in the market in terms of the deployment of programs.
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- Prudential Financial
- Bank of America Merrill Lynch
- Virgin Pulse
- Financial Finesse
Other Prominent Vendors
- Beacon Health Options
- Best Money Moves
- DHS Group
- Enrich Financial Wellness
- Financial Fitness Group
- Financial Knowledge
- Holberg Financial
- Health Advocate
- Money Starts Here
- Purchasing Power
- Ramsey Solutions
- My Secure Advantage
- Pro Financial Health
- Salary Finance
- Social Finance (SoFi)
- GoPlan 101
- The Financial Gym
Explore our health wellness profile to know more about the industry.
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