Market Overview:
Financial wellness is sometimes referred to as financial well-being. It means the ability to have a healthy financial life. It is being in a situation where the person can control their day-to-day or month-to-month finances while having the freedom and security to deal with financial emergencies. It is a state of being in which a person can meet current and future financial obligations, and feel secure in their finances. Financial wellness can also reduce preoccupation with money needs and improve mental and physical well-being. The growing popularity of debt management programs, the widespread adoption of online financial wellness programs, and a wide range of benefits such as personalized content, account aggregation options, and progress tracking all contribute to the growth of the global financial wellness benefits market. Moreover, an increase in awareness and acceptance in both developing and developed countries causes a boom in the financial wellness benefits market.
Major Key Players for Financial Wellness Benefits Market:
- Aduro
- Ayco
- Beacon Health Options
- Best Money Moves
- BrightDime
- DHS Group
- Edukate
- Enrich Financial Wellness
- Even
- Financial Fitness Group
- HealthCheck360
- Health Advocate
- Money Starts Here
- PayActive
- Purchasing Power
- Ramsey Solutions
- Sum180
- Transamerica
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Market Dynamics and Factors:
The key contributors to the financial wellness benefits market are increasing financial wellness services for the employee, due to the increase in the financial stress which would affect the growth of the company, retention strategy, and success planning. Employers utilize the programs that support them to manage their finances. Financial wellness improves the financial health of employees by reducing absenteeism and increasing the productivity and efficiency of the company. Some government regulations help to increase the market of financial wellness benefits. For instance, The Canadian Financial Agency provides educational materials and support to students as well as adults to increase their financial knowledge and skills. The key driver of the Global financial wellness market is in the financial sphere rising acceptance of online platforms a surge in demand for simple financing wellness models, and rising joint ventures by major players.
Financial Wellness Benefits Market Report Highlight:
- By program, the financial planning segment is expected to have the maximum market share, during the projected period. Financial planning contains assistance and advice on budgeting, devising investment strategies, and long-term financial planning, that’s helping the market to grow.
- By enterprise, the large businesses segment is expected to dominate the market during the forecast period. Large business has invested more in the financial wellness program and they are offering voluntary financial benefits to employees, that’s helping the market to grow.
- By delivery, the One-on-One segment is expected to dominate market during the forecast period. Employees prefer one-on-one interaction because it clarifies financial terms. As a result, advisors catch up with employees regularly via phone or personal meetings, which may include web-based platforms or classroom sessions.
- By industry, the healthcare sector is anticipated to have the highest share of the market over the projected timeframe. According to Commonbond’s 2018 study report, 45% of respondents in the healthcare and pharmaceuticals industries are having student debt, and a majority of 55% of this population owe more than USD 50,000. This situation emphasizes the demand of employees in these industries, that their employers need to take an active role in financial wellness.
- North America is anticipated to grab the maximum market share of the Financial Wellness Benefits market over the projected period. Most US people consider financial wellness to be a way of life, and financial issues are unlikely to go away anytime soon, making the industry appealing.
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Key Industry Development:
In November 2020, to improve the financial health of employees, PayPal established a partnership with Even, a responsible on-demand payment platform. All PayPal employees in the United States can now use Even to be paid early, automatically budget and increase their savings, and have complete visibility into their profits.
Financial Wellness Benefits Market Segmentation:
By Program
- Financial Planning
- Financial Education and Counselling Services
- Retirement Planning
- Debt Management
- Others
By Enterprise
- Large Businesses
- Medium-sized Businesses
- Small-sized Businesses
By Delivery
- One-on-One
- Online/Digital
- Group
By Industry
- Healthcare
- Financial Services
- Education
- Manufacturing
- Public Sector
- Other
For this report, Introspective Market Research has segmented the Financial Wellness Benefits Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Turkey
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Vietnam
- Thailand
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Iran
- Rest of MEA
- Latin America
- Brazil
- Argentina
- Rest of LATAM
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Scope of the Report:
The report encompasses the entire analysis of market size in previous years for major segments and countries, as well as future estimates. The Financial Wellness Benefits Market study looks deeply into the worldwide market’s competitive landscape. The study also provides the names of key market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics and factors, and market analysis techniques such as PESTEL analysis, PORTER’s Five Forces analysis, value chain analysis, SWOT analysis, BCG matrix, and Ansoff matrix.
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