U.S. Financial Wellness Benefits Market Gearing Up With More Than 20% CAGR In The Next 6 Years - Arizton

Financial wellness benefits have a broad range of definitions as it is a multi-faceted concept based on an employee's goals, attitudes, financial knowledge, environment, and circumstances. However, on the surface, they are generally benefits delivered through education & retirement planning and wellness assessment tools that can aid the workforce in gaining confidence, control, and responsibility for day-to-day financial decisions, overall well-being, the ability to manage unplanned expenses and have the finances to meet future milestones. From a larger perspective, the U.S. financial wellness market, with the help of employee wellness benefits, drives more productivity and engagement.

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How Employees Prioritize Mental and Physical Wellness in the New Workforce? 

US employees have changed how they think about mental and physical wellness as traditional notions of the benefits component have changed since 2020. With new generations entering the workforce, a new perspective is evolving, wherein acquiring mental and financial stability and achieving wellness are equated with freedom from debts and financial stress, being healthy, and being able to spend without worry while saving enough for emergencies. COVID-19 has led to new realities and advances in the market. Pay raises in the future have been affected as companies face unpredictable revenue streams and budgets. As employers realize that monetary benefits are not the only way to retain employees, they have become more inclined to offer customized financial wellness benefits.  

Financial Planning Programs Reign in Revenue 

The fluidity of the current pandemic-afflicted landscape has made it important for employers to fathom all the financial struggles and tweak the support structures concerning employee planning. A lot of the current financial planning, which may be temporary, focuses on short-term stressors. Overall, a larger part of the workforce looks at their long-term financial future beyond the pandemic, seeking the right tools, such as budgeting apps and action plans, for a better financial outcome. The pandemic also drives the demand for planning to build savings in preparation for future emergencies. Financial wellness needs to be a way of life for ultimate financial security. Still, for most workers in the US, financial challenges are not expected to go away anytime soon, making this market a lucrative one. 

But then again, most of them don’t necessarily think about investing and aren’t aware of their monthly budgets. They will likely be more psychologically positive and motivated if their financial lives are sorted. As employers increasingly realize this and the impact that it can have on their business in terms of performance, they are onboarding financial planning advisors and asset managers and boosting growth in this segment. Nearly 30% of employers offer one-on-one financial planning that focuses on obtaining a mortgage; managing debt; retirement planning; and mitigating financial risk via life and other types of insurance and disability income. 

Debt Management Programs Sparkles with Double-Digit CAGR 

Unsurprisingly, employees have been struggling with debt. Still, the COVID-19 crisis has only put extra pressure on individuals trying to rid themselves of credit cards, student loans, auto loan debts, and mortgages. Offerings such as credit counseling promoting sustainable long-term financial health will be essential to help employees wait through the current cataclysmic moment. Debt anxiety has already been haunting the American workforce, with 10% of employees naming it their main financial concern in 2011 and 19% in 2018. Debts are largely to blame for those particularly stressed out about finances – the no.1 immediate financial challenge.  

Debt and cash challenges are a mounting issue even for workers with high-income levels ($100,000+). Nearly 62% of the employees consistently carry debt on their credit cards. As it is manageable but poorly understood, EAP programs, counseling, and debt management support have been witnessing traction in recent years. 

Southern US and Midwest US are the important debt management program markets. Arizton's report forecasts that the Midwest US region will likely witness the highest debt management program growth. 

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Segmentation & Forecast

Segmentation by Program

• Financial Planning
• Financial Education & Counseling
• Retirement Planning
• Debt Management
• Others

Segmentation by End-User

• Large Businesses
• Medium-Sized Businesses
• Small-Sized Businesses

Segmentation by Delivery

• One-On-One
• Online/Digital
• Group

Segmentation by Type

• Consumer Tools
• Employer Tools

Segmentation by Industry

• Healthcare
• Financial Services
• Education
• Manufacturing
• Public Sector
• Others

Segmentation by Region

• South
• West
• Midwest
• Northeast

Vendor List

Key Company Profiles

• Bank of America Merrill Lynch
• Business Overview
• Key Facts
• Service Offerings
• Key Strategies
• Key Strengths
• Key Opportunities
• Financial Finesse
• Mercer
• Prudential Financial
• Virgin Pulse

Other Prominent Vendors

• Aduro
• Business Overview
• Service Offerings
• Key Strengths
• Key Strategies
• Ayco
• BaySport
• Beacon Health Options
• Best Money Moves
• BrightDime
• BrightPlan
• Brightside
• DHS Group
• Edukate
• Enrich
• Even
• Financial Fitness Group
• Financial Knowledge
• FinFit
• FlexWage
• FutureFuel.io
• GoPlan 101
• HealthCheck360
• Holberg Financial
• Health Advocate
• Integrated Wellness Partners
• LearnLux
• LifeCents
• Limeade
• Money Starts Here
• My Secure Advantage
• Origin
• Payactiv
• Pro Financial Health
• Purchasing Power
• Questis
• Ramsey Solutions
• Salary Finance
• Savology
• Sqwire
• SoFi
• The Financial Gym
• Transamerica
• Your Money Line

Key Questions Answered

How big is the U.S. financial wellness benefits market?

What is the growth rate of the U.S. financial wellness benefits market?

What are the growing trends in the U.S. financial wellness benefits market?

Which region holds the most significant U.S. financial wellness benefits market share?

Who are the key players in the U.S. financial wellness benefits market?

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