Financial Wellness Program Global Market Report 2024

The financial wellness program market size has grown rapidly in recent years. It will grow from $2.04 billion in 2023 to $2.34 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth observed during the historical period can be attributed to concerns about employee productivity, the escalation of healthcare costs, strategies focused on employee retention, changes in retirement planning, and the growing burden of student loan debt.

The financial wellness program market size is expected to see rapid growth in the next few years. It will grow to $3.83 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The anticipated growth in the forecast period can be attributed to gaps in financial literacy, global economic uncertainty, the prevalence of remote and hybrid work models, integration with mental health programs, and the rise of personalized financial planning. Major trends expected in the forecast period include AI-driven financial coaching, the utilization of blockchain for financial transactions, integration with environmental, social, and governance (ESG) considerations, and the incorporation of gamification for financial education.

A key trend gaining traction in the financial wellness program market is the increasing awareness of financial stress. Financial stress arises from economic or financial events that induce anxiety, fear, or a sense of scarcity. Financial wellness programs play a crucial role in alleviating financial stress and improving overall financial well-being. These programs offer a range of services and resources to address various aspects of prudent financial management, including budgeting, saving, debt management, and financial education. Notably, a CNBC survey conducted in April 2023 among 4,336 adults on Financial Confidence revealed that 70% of Americans feel financially stressed, with 52% reporting an increase in financial stress since before the COVID-19 pandemic. Consequently, the growing awareness of financial stress is expected to drive the financial wellness program market.

The anticipated rise in disposable income is set to propel the growth of the financial wellness program market. Disposable income represents the total amount of money available to individuals or households for spending and saving after deducting taxes and other obligatory contributions. Increased disposable income enables individuals to invest in their financial well-being, fostering a heightened awareness of the significance of effective financial management. This growing financial consciousness fuels demand for comprehensive financial wellness programs, offering education, guidance, and tools to optimize financial health and achieve long-term goals. For example, as of August 2022, the World Bank reported that the per capita net disposable income of lower-middle-income countries ranged from $1,036 to $4,045, and the per capita net disposable income of upper-middle-income countries ranged from $4,046 to $12,535 in 2021. Additionally, the Office for National Statistics in the United Kingdom recorded a 3.6% growth in gross disposable household income (GDHI) in 2021 compared to the figures from 2020. Hence, the increase in disposable income is a driving force behind the growth of the financial wellness program market.

A notable trend gaining popularity in the financial wellness program market is the integration of technology. Major companies in this market are incorporating new technologies to maintain their competitive positions. For instance, in February 2021, BrightPlan LLC, a US-based provider of financial wellness solutions, introduced the BrightPlan Total Financial Wellness Calculator. This innovative online tool assists businesses in calculating the overall value and return on investment (ROI) of providing financial wellness benefits to their workforce. It also showcases the potential quantifiable benefits of investing in employee financial well-being for both companies and employees.

Major companies in the financial wellness program market are introducing new products, such as financial wellness tools, to gain a competitive edge. A financial wellness tool is an integrated platform within a financial wellness program that connects users with third-party solutions and resources to enhance their overall financial health. For instance, in December 2022, Lincoln National Corporation, a US-based insurance company, launched a Financial Wellness Marketplace as an extension of its financial wellness program. Integrated into its proprietary financial wellness tool, WellnessPATH, the marketplace connects users with third-party solutions, starting with a partnership with Candidly to address student loan debt. The platform offers personalized financial plans and aggregates resources, reflecting Lincoln's commitment to improving employees' financial health at every life stage while providing employers with tools to attract, retain, and engage top talent.

In April 2023, FinFit, a US-based financial wellness platform company, merged with Salary Finance Limited to create America’s leading workplace financial wellness platform and more effectively meet the financial demands of American workers. With this merger, the SaaS-based platform from FinFit will be the most comprehensive financial wellness program for American workplaces. Salary Finance Limited is a UK-based financial products and services provider offering a financial wellness program and various salary-linked employee perks that enhance financial security.

Major companies operating in the financial wellness program market report are Bank of America, Empower Retirement, Prudential Financial Inc., Nationwide Mutual Insurance Company, Morgan Stanley, TIAA, The Massachusetts Mutual Life Insurance Company, Fidelity Investments, Charles Schwab Corporation, Financial Fitness Group, Principal Financial Group, Key Corp Limited, Voya Financial, Edukate Inc., Paychex, Automatic Data Processing Inc. (ADP), John Hancock, Mercer LLC, Alight Solutions, Ramsey Solutions, AIG Retirement Services, PayActiv Inc., My Secure Advantage Inc., Wellable LLC, Transamerica Corporation, LearnLux, Best Money Moves, Bridge Credit Union, BrightDime, Enrich Financial Wellness, LifeCents.

North America was the largest region in the financial wellness program market in 2023. The regions covered in the financial wellness program market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the financial wellness program market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The main types of financial wellness programs cater to both employers and employees. Employers are defined as individuals or entities that hire and compensate workers in public, private, nonprofit, or business sectors. Financial wellness programs offer resources and tools to increase financial literacy, reduce stress, and enhance employee productivity. These programs encompass financial planning, financial education and counseling, retirement planning, debt management, and other related services used in various applications, including large enterprises and small to medium enterprises.

The financial wellness program market research report is one of a series of new reports that provides financial wellness program market statistics, including financial wellness program industry global market size, regional shares, competitors with financial wellness program market share, detailed financial wellness program market segments, market trends, and opportunities, and any further data you may need to thrive in the financial wellness program industry. This financial wellness program market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The financial wellness program market includes revenues earned by entities by providing financial education, personalized financial guidance, and financial assessments. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.