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U.S. Financial Wellness Benefits Market - Industry Outlook and Forecast 2021-2026

  • ID: 5239802
  • Report
  • February 2021
  • Region: United States
  • Arizton
UP TO OFF
until Sep 30th 2021

FEATURED COMPANIES

  • Aduro
  • Brightside
  • Financial Finesse
  • GoPlan 101
  • Limeade
  • Pro Financial Health
1h Free Analyst Time

Speak directly to the analyst to clarify any post sales queries you may have.

In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this U.S. Financial Wellness Benefits Market Report



The U.S. financial wellness benefits market by revenue is expected to grow at a CAGR of approx. 13% during the period 2021-2026.

The U.S. financial wellness benefits market has undergone a major shift with employees in the US changing their thinking toward financial wellness, especially after the outbreak of the COVID-19 pandemic in 2020. The pandemic has driven wellness benefits such as futuristic planning, flexible pay, and loan repayment schemes backed by employees. COVID-19 has led to new realities and advancements in the market. Pay raises in the near future have been affected as companies face unpredictable revenue streams and budgets. As employers begin to realize that monetary benefits are not the only way to retain employees, they have become inclined to offer customized schemes. Larger employers are offering wellness programs in sync with retirement plans. Companies also focused on certain other benefits such as debt counseling services and emergency savings accounts during the pandemic. Since millennials and the older workforce nearing retirement age are the ones most struggling, wellness programs that tend to them are expected to witness the increased engagement.

The following factors are likely to contribute to the growth of the U.S. financial wellness benefits market during the forecast period:
  • Financial Fitness Champions gaining Ground
  • Democratization of Financial Wellness for Special Groups
  • Early Wage Access Witnessing Exponential Growth
  • Data Analytics in Financial Wellness
The study considers the present scenario of the U.S. financial wellness benefits market and its market dynamics for the period 2020-2026. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.

U.S. Financial Wellness Benefits Market Segmentation

The U.S. financial wellness benefits market research report includes a detailed segmentation by program, end-user, delivery, type, industry, geography. The fluidity of the current pandemic-afflicted landscape has increased the importance of financial planning programs among employees. As employers increasingly realize the impact that it can have on business in terms of performance, they are onboarding financial planning advisors and asset managers, thereby boosting the growth of the segment. The pandemic is also driving the demand for planning to build savings in preparation for future emergencies. Financial wellness tends to be a way of life for most workers in the US with monetary challenges expecting not to go away anytime soon, making the market a lucrative one.

Large businesses are blending physical, mental, and financial programs to provide holistic support to their employees. The concept of “health meets wealth” is gaining immense traction in the market because both are largely interdependent and healthcare costs are continuing to rise as well. However, a major challenge for large-sized companies is that almost 35% of workers have no clue that their employer offered benefits in the financial wellness realm. Participation rates are often low as well. The segment is expected to witness the growth due to the growing realization among employers to observe the link between financially well employees and how they work - aka employee productivity. Nearly 40% of employers are thus offering wellness programs with about 30% citing “differentiation from other employers” as the second most important reason.

Although the growth rate of personalized financial wellness programs is expected to grow at the highest rate, online/digital wellness programs are not much beyond. Personalized counseling for finances is growing a rapid rate since advisers can easily adapt to the needs of the employee. They are particularly popular in workforces with highly diverse employees. Employees are asking for one-on-one interactions more than ever in order to help navigate finances, which increasing advisers to meet employees regularly, thereby driving up revenues of one-on-one programs.

Workplace financial wellness programs in healthcare companies have been going strong in the US because the industry is specifically susceptible to disadvantageous outcomes due to workforce volatility in a system, where reliable and consistent care is a priority. The Gen Z and millennial workers are driving this market, showing interest in budgeting, investment advice, debt management, student loan repayment, retirement income planning, college expense planning, special needs planning, and protection.

Consumer tools are gaining popularity as employees increasingly want solutions to their grievances in an instant. Therefore, there is an increasing demand for wellness services that include accountability prompts and personalized delivery of content. Firms are investing in a combination of high-touch and high-tech. Technology is increasingly being used to optimize financial health holistically and seamlessly integrate it into the employee’s daily life and schedule.

Programs
  • Financial Planning
  • Financial Education and Counseling Services
  • Retirement Planning
  • Debt Management
End-user
  • Large Businesses
  • Medium-sized Businesses
  • Small-sized Businesses
Delivery Type
  • One-on-One
  • Online/Digital
  • Group
Industry
  • Healthcare
  • Financial Services
  • Education
  • Manufacturing
  • Public Sector
INSIGHTS BY VENDORS
With the future of financial wellness benefits expected to be governed by targeted communication, integrated, multichannel approach, accessibility to reliable resources, and personalized learning paths for exponential engagement, the US financial wellness benefits market is witnessing a steady entry of EAP, healthcare, insurance, and employee benefits service providers. The market has over 300 players. Vendors compete in terms of cost, ease of implementation, brand value, expertise, breadth of benefits, customization ability, employee communications, skilled workforce, and technological capability.

Prominent Vendors
  • Prudential Financial
  • Bank of America Merrill Lynch
  • Fidelity Investments
  • Mercer
  • Financial Finesse
Other Prominent Vendors
  • Aduro
  • Ayco
  • Beacon Health Options
  • Best Money Moves
  • BrightDime
  • Brightside
  • DHS Group
  • Edukate
  • Enrich Financial Wellness
  • Even
  • FlexWage
  • Financial Fitness Group
  • Financial Knowledge
  • HealthCheck360
  • Holberg Financial
  • Health Advocate
  • LearnLux
  • Limeade
  • Money Starts Here
  • PayActiv
  • Purchasing Power
  • Ramsey Solutions
  • Transamerica
  • My Secure Advantage
  • LifeCents
  • Origin
  • BrightPlan
  • Savology
  • Sqwire
  • FinFit
  • Pro Financial Health
  • FutureFuel.io
  • Salary Finance
  • Social Finance (SoFi)
  • GoPlan 101
  • The Financial Gym
KEY QUESTIONS ANSWERED
1. What is the growth of the U.S. financial wellness benefits market during the forecast period?
2. What role data analytics play to increase the growth of the financial wellness benefits market?
3. Who are the major market players in the financial wellness industry?
4. What is the impact of COVID-19 in the financial wellness benefits market?
5. Which segment is likely to generate the highest revenue during the forecast period?
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Aduro
  • Brightside
  • Financial Finesse
  • GoPlan 101
  • Limeade
  • Pro Financial Health
1 Research Methodology

2 Research Objectives

3 Research Process

4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope Of The Study

5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation

6 Market at a Glance

7 Introduction
7.1 Overview
7.2 State Of The Us Economy
7.3 State Of The Us Healthcare
7.4 Pulse Of The American Workforce
7.5 Financial Wellness: An Overview

8 Market Opportunities & Trends
8.1 Financial Fitness Champions Gain Ground
8.2 Democratization Of Financial Wellness For Special Groups
8.3 Early Wage Access Witnesses Exponential Growth
8.4 An Underserved Worker On-Demand Economy
8.5 Interest and Investments Galore from investment companies
8.6 Hijack of the Term Financial Wellness
8.7 Data Analytics in Financial Wellness
8.8 Rising Financial Wellness Incentives
8.9 Administration of Targeted Benefits

9 Market Growth Enablers
9.1 COVID-19 brings A Boom in Financial Wellness
9.2 Changing Work Paradigm
9.3 Financial Unease Despite Upbeat Environment pre-covid-19
9.4 Ability to Integrate and Leverage Existing Benefits
9.5 Employers Take Onus for Employee Financial Wellness

10 Market Restraints
10.1 Misalignment in Financial Wellness Offerings
10.2 Fiduciary Concerns Hinder Efforts
10.3 The Elusive ROI
10.4 Low Employee Participation and Engagement

11 Market Landscape
11.1 Market Overview
11.2 Market Size & Forecast
11.3 Five Forces Analysis

12 Program
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.3 Financial Planning
12.4 Financial Education & Counseling
12.5 Retirement Planning
12.6 Debt Management
12.7 Others

13 End-User
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Large Businesses
13.4 Medium-Sized Businesses
13.5 SMALL-sized Businesses

14 Delivery
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 One-on-one
14.4 Online/Digital
14.5 Group

15 Type
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
15.3 Consumer tools
15.4 Employer tools

16 Industry
16.1 Market Snapshot & Growth Engine
16.2 Market Overview
16.3 Healthcare
16.4 Financial Services
16.5 Education
16.6 Manufacturing
16.7 Public Sector
16.8 Others

17 Competitive Landscape
17.1 Competition Overview
17.1 Market Ranking Analysis

18 Key Company Profiles
18.1 Prudential Financial
18.2 BANK OF AMERICA MERRILL LYNCH
18.3 Fidelity Investments
18.4 Mercer
18.5 Financial Finesse

19 Other Prominent Vendors
19.1 Aduro
19.2 AYCO
19.3 Beacon Health Options
19.4 Best Money Moves
19.5 BrightDime
19.6 Brightside
19.7 DHS Group
19.8 Edukate
19.9 Enrich
19.10 Even
19.11 FlexWage
19.12 Financial Fitness Group
19.13 Financial Knowledge
19.14 HealthCheck360
19.15 Holberg Financial
19.16 Health Advocate
19.17 LearnLux
19.18 Limeade
19.19 Money Starts Here
19.20 PayActiv
19.21 Purchasing Power
19.22 Ramsey Solutions
19.23 Transamerica
19.24 My Secure Advantage
19.25 LifeCents
19.26 Origin
19.27 BrightPlan
19.28 Savology
19.29 Sqwire
19.30 FinFit
19.31 Pro Financial Health
19.32 FutureFuel.io
19.33 Salary Finance
19.34 Sofi
19.35 GoPlan 101
19.36 The Financial Gym

20 Report Summary
20.1 Key Takeaways
20.2 Strategic Recommendations

21 Quantitative Summary
21.1 Market By Program
21.2 Market by End-user
21.3 Market By Delivery
21.4 Market By Type
21.5 Market By Industry

22 Appendix
22.1 Abbreviations

List Of Exhibits
Exhibit 1 Segmentation of Financial Wellness Benefits Market in the US
Exhibit 2 Market Size Calculation Approach 20
Exhibit 3 Pulse of Financial Wellness Benefits Market in the US
Exhibit 4 Change in Real GDP in the US 2017-2023 (%)
Exhibit 5 Financial Stress and Health 2019
Exhibit 6 US Healthcare Costs Per Capita 2015 ($)
Exhibit 7 Impact of Financial Wellness and Health Issues at Work
Exhibit 8 Percentage of Each Generation in Today’s Workforce
Exhibit 9 Employee Engagement Levels by Generation 2019
Exhibit 10 Generation-wise Financial Goals 2020
Exhibit 11 Gender-wise Financial Goals 2020
Exhibit 12 Outlook on Financial Situation for 2019
Exhibit 13 Financial Outlook by Various Consumer Groups 2019
Exhibit 14 Employers Offering Financial Wellness Programs to Varied Degrees 2019 (%)
Exhibit 15 Impact of Financial Fitness Champions Gain Ground
Exhibit 16 Impact of Democratization of Financial Wellness for Special Groups
Exhibit 17 The Case for Democratization of Financial Wellness
Exhibit 18 Impact of Early Wage Access Witnesses Exponential Growth
Exhibit 19 Impact of An Underserved Worker On-demand Economy
Exhibit 20 On-demand Workforce and their Financial Outlook
Exhibit 21 Impact of Interest and Investments Galore from Investment Companies
Exhibit 22 Impact of Hijack of the Term Financial Wellness
Exhibit 23 Impact of Data Analytics in Financial Wellness
Exhibit 24 Impact of Rising Financial Wellness Incentives
Exhibit 25 Financial Wellness Incentive Statistics 2019
Exhibit 26 Impact of Administration of Targeted Benefits
Exhibit 27 Impact of COVID-19 Puts Wellbeing Front and Center
Exhibit 28 COVID-19-related and Personal Financial Concerns and Conditions
Exhibit 29 Impact of Changing Work Paradigm
Exhibit 30 Percentage of Employers Who Value Benefit Objectives 2017-2018
Exhibit 31 Impact of Financial Unease Despite Upbeat Environment Pre-COVID-19 Impact of Changing Work Paradigm
Exhibit 32 Statistics on Financial Angst and its Effect on Work 2018
Exhibit 33 Areas of Financial Concern by Family Income
Exhibit 34 Well-being of the American Population
Exhibit 35 Impact of Ability to Integrate and Leverage Existing Benefits
Exhibit 36 Financial Wellness and Benefits Equation 2018
Exhibit 37 Impact of Employers Take Onus for Employee Financial Wellness
Exhibit 38 Employees Banking on Employer for Financial Security 2012-2018 (%)
Exhibit 39 Employer-Employee Financial Wellness Equation 2018
Exhibit 40 Impact of Misalignment in Financial Wellness Offerings
Exhibit 41 Reasons for Employees Not Using Financial Wellness Benefits Offered by Employers
Exhibit 42 Impact of Fiduciary Concerns Hindering Efforts
Exhibit 43 Impact of The Elusive ROI
Exhibit 44 Employer Outlook on Financial Wellness, its Value, and ROI
Exhibit 45 Impact of Low Employee Participation and Engagement
Exhibit 46 Case for Lack of Participation and Engagement 2019
Exhibit 47 Coronavirus-led Changes in Financial Wellness Programs
Exhibit 48 Financial Wellness Benefits: An Overview 2018
Exhibit 49 Definition of Financial Wellness and Relevance to Each Generation
Exhibit 50 Financial Wellness Benefits Market in the US 2020-2026 ($ million)
Exhibit 51 Five Forces Analysis 2020
Exhibit 52 Incremental Growth by Program 2020 & 2026
Exhibit 53 Financial Wellness Benefits Market in the US by Program 2020-2026 ($ million)
Exhibit 54 Financial Wellness Benefits Market in the US by Program 2020 & 2026
Exhibit 55 Financial Planning Benefits Market in the US 2020-2026 ($ million)
Exhibit 56 Financial Assistance by Delivery 2012 and 2018
Exhibit 57 Financial Education & Counseling Market in the US 2020-2026 ($ million)
Exhibit 58 State of Retirement in the US 2018
Exhibit 59 Financial Wellness Retirement Planning Market in the US 2020-2026 ($ million)
Exhibit 60 Financial Debt Management Market in the US 2020-2026 ($ million)
Exhibit 61 Other Financial Wellness Benefits Market in the US 2020-2026 ($ million)
Exhibit 62 Incremental Growth by End-user 2020 & 2026
Exhibit 63 Financial Wellness Benefits Market in the US by End-user ($ million)
Exhibit 64 Financial Wellness Benefits Market in the US by End-user 2020 & 2026
Exhibit 65 Financial Wellness Benefits Market in the US by End-user 2020-2026
Exhibit 66 Large Businesses Wellness Benefits Market in the US 2020-2026 ($ million)
Exhibit 67 Financial Wellness in Large Businesses: The Bigger Picture 2020
Exhibit 68 Financial Wellness in Medium-sized Businesses: The Bigger Picture 2020
Exhibit 69 Medium-sized Businesses Wellness Benefits Market in the US 2020-2026 ($ million)
Exhibit 70 Small-sized Businesses Wellness Benefits Market in the US 2020-2026 ($ million)
Exhibit 71 Financial Wellness in Small Businesses: The Bigger Picture 2020
Exhibit 72 Incremental Growth by Delivery 2020 & 2026
Exhibit 73 Financial Wellness Benefits Market in the US by Delivery ($ million)
Exhibit 74 Financial Wellness Benefits Market in the US by Delivery 2020 & 2026
Exhibit 75 Financial Wellness Benefits Market in the US by Delivery 2020-2026
Exhibit 76 One-on-one Financial Wellness Benefits Market in the US 2020-2026 ($ million)
Exhibit 77 Online/Digital Financial Wellness Benefits Market in the US 2020-2026 ($ million)
Exhibit 78 Online Channels by Use in Financial Wellness
Exhibit 79 Group Financial Wellness Benefits Market in the US 2020-2026 ($ million)
Exhibit 80 Incremental Growth by Type 2020 & 2026
Exhibit 81 Financial Wellness Benefits Market in the US by Type 2020-2026 ($ million)
Exhibit 82 Financial Wellness Benefits Market in the US by Type 2020 & 2026
Exhibit 83 Financial Wellness Benefits Market in the US - Comparison by Type 2020-2026
Exhibit 84 Consumer Tools Financial Wellness Benefits Market in the US 2020-2026($ million)
Exhibit 85 Employer Tools Financial Wellness Benefits Market in the US 2020-2026($ million)
Exhibit 86 Incremental Growth by Industry 2020 & 2026
Exhibit 87 Financial Wellness Benefits Market in the US by Industry 2020-2026 ($ million)
Exhibit 88 Financial Wellness Benefits Market in the US by Industry 2020 & 2026
Exhibit 89 Financial Wellness Benefits Market in the US - Growth Comparison by Industry 2020-2026
Exhibit 90 Financial Wellness Benefits Market in the US by Healthcare Industry 2020-2026 ($ million)
Exhibit 91 Financial Wellness Statistics Among Healthcare Employees 2020
Exhibit 92 Financial Wellness Benefits Market in the US by Financial Services Industry 2020-2026 ($ million)
Exhibit 93 Financial Wellness Benefits Market in the US by Education Industry 2020-2026 ($ million)
Exhibit 94 Financial Wellness Benefits Market in the US by Manufacturing Industry 2020-2026 ($ million)
Exhibit 95 Outlook of Financial Wellness in the Public Sector
Exhibit 96 Financial Wellness Benefits Market in the US by Public Sector 2020-2026 ($ million)
Exhibit 97 Financial Wellness Benefits Market in the US by Other Industries 2020-2026 ($ million)
Exhibit 98 Market Ranking Analysis 2019

List Of Tables
Table 1 Key Caveats
Table 2 Currency Conversion 2013-2019
Table 3 Impact of Financial Stress on Employees based on Generation
Table 4 Gap in Employers’ and Employees’ Approach to Financial Wellness
Table 5 Prudential Financial: Service Offerings
Table 6 Bank Of America Merrill Lynch: Service Offerings
Table 7 Fidelity Investments: Service Offerings
Table 8 Mercer: Service Offerings
Table 9 Financial Finesse: Products & Service Offerings
Table 10 Aduro: Major Service Offerings
Table 11 AYCO: Major Service Offering
Table 12 Beacon Health Options: Major Service Offering
Table 13 Best Money Moves: Major Service Offering
Table 14 Brightdime: Major Service Offering
Table 15 Brightside: Major Service Offering
Table 16 DHS Group: Major Service Offering
Table 17 Edukate: Major Service Offering
Table 18 Enrich: Major Service Offering
Table 19 Even: Major Service Offering
Table 20 FlexWage: Major Service Offerings
Table 21 Financial Fitness Group: Major Service Offering
Table 22 Financial Knowledge: Major Service Offerings
Table 23 HealthCheck360: Major Service Offering
Table 24 Holberg Financial: Major Service Offering
Table 25 Health Advocate: Major Service Offering
Table 26 LearnLux: Major Service Offerings
Table 27 Limeade: Major Service Offerings
Table 28 Money Starts Here: Major Service Offering
Table 29 PayActiv: Major Service Offering
Table 30 Purchasing Power: Major Service Offering
Table 31 Ramsey Solutions: Major Service Offering
Table 32 Transamerica: Major Service Offering
Table 33 My Secure Advantage: Major Service Offerings
Table 34 LifeCents: Major Service Offerings
Table 35 Origin: Major Service Offerings
Table 36 BrightPlan: Major Service Offerings
Table 37 Savology: Major Service Offerings
Table 38 Sqwire: Major Service Offerings
Table 39 FinFit: Major Service Offerings
Table 40 Pro Financial Health: Major Service Offerings
Table 41 FutureFuel.io: Major Service Offerings
Table 42 Salary Finance: Major Service Offerings
Table 43 SoFi: Major Service Offerings
Table 44 GoPlan 101: Major Service Offerings
Table 45 The Financial Gym: Major Service Offerings
Table 46 Financial Wellness Benefits Market in the US by Program ($ million)
Table 47 Financial Wellness Benefits Market in the US by Program (%)
Table 48 Financial Wellness Benefits Market in the US by End-user ($ million)
Table 49 Financial Wellness Benefits Market in the US by End-user (%)
Table 50 Financial Wellness Benefits Market in the US by Delivery ($ million)
Table 51 Financial Wellness Benefits Market in the US by Delivery (%)
Table 52 Financial Wellness Benefits Market in the US by Type ($ million)
Table 53 Financial Wellness Benefits Market in the US by Type (%)
Table 54 Financial Wellness Benefits Market in the US by Industry ($ billion)
Table 55 Financial Wellness Benefits Market in the US by Industry (%)
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Prudential Financial
  • Bank of America Merrill Lynch
  • Fidelity Investments
  • Mercer
  • Financial Finesse
  • Aduro
  • Ayco
  • Beacon Health Options
  • Best Money Moves
  • BrightDime
  • Brightside
  • DHS Group
  • Edukate
  • Enrich Financial Wellness
  • Even
  • FlexWage
  • Financial Fitness Group
  • Financial Knowledge
  • HealthCheck360
  • Holberg Financial
  • Health Advocate
  • LearnLux
  • Limeade
  • Money Starts Here
  • PayActiv
  • Purchasing Power
  • Ramsey Solutions
  • Transamerica
  • My Secure Advantage
  • LifeCents
  • Origin
  • BrightPlan
  • Savology
  • Sqwire
  • FinFit
  • Pro Financial Health
  • FutureFuel.io
  • Salary Finance
  • Social Finance (SoFi)
  • GoPlan 101
  • The Financial Gym
Note: Product cover images may vary from those shown

Our research comprises a mix of primary and secondary research. The secondary research sources that are typically referred to include, but are not limited to, company websites, annual reports, financial reports, company pipeline charts, broker reports, investor presentations and SEC filings, journals and conferences, internal proprietary databases, news articles, press releases, and webcasts specific to the companies operating in any given market.

Primary research involves email interactions with the industry participants across major geographies. The participants who typically take part in such a process include, but are not limited to, CEOs, VPs, business development managers, market intelligence managers, and national sales managers. We primarily rely on internal research work and internal databases that we have populated over the years. We cross-verify our secondary research findings with the primary respondents participating in the study.



 

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