United States Financial Wellness Benefits Marketto 2024 - Leading Players are Prudential Financial, Bank of America, Fidelity, Mercer, & Financial Finesse

DUBLIN, May 22, 2019 /PRNewswire/ -- The "Financial Wellness Benefits Market in US - Industry Outlook and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.

The US financial wellness benefits market is expected to cross $825 million by 2024, growing at a CAGR close to 13% during the forecast period.

The US financial wellness benefits market is driven by the surge in the number of vendors introducing the latest financial wellness awareness programs. The boom of one-on-one and digital assistance will fuel the growth of the market. Large-sized companies are pro-actively introducing employee beneficiary financial programs. The market research report provides an in-depth market and segmental analysis of the US financial wellness benefits market. The US financial wellness benefits market is evolving with a new-generation of employees (Millennials) entering workplaces.

The report considers the present scenario of the US financial wellness benefits market and its market dynamics for the period 20192024. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It profiles and analyzes leading companies and several other prominent companies operating in the market.

This market research report on the US financial wellness benefits market offers analysis on market sizing and forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights on segmentation by types (financial planning, financial education and counseling, retirement planning, debt management, and others), end-users (large business, medium-sized business, and small-sized business), and delivery (one-on-one, online/digital, and group).

US Financial Wellness Benefits Market: Dynamics

The US financial wellness benefits market is becoming increasingly data-driven. Organizations are investing in technology and expanding HR capabilities to measure financial initiatives. The vendors in the market are reviewing the employee's information and productivity data to get insights about their finance management. Wearables, onsite program delivery, software platforms, employee feedback, online screening and surveys, and other data sources are being used to garner insights into the programs and help employees to understand more about financial wellness.

Several new and established players such as Hellowallet, LearnVest, SmartDollar along with non-profit providers such as Enrich and GreenPath Financial Wellness are introducing new models in the US financial wellness benefits market. Also, Google offers several resources along with access to financial planning services and financial advisers.

US Financial Wellness Benefits Market: Segmentation

This market research report includes a detailed segmentation of the market by types, end-users, and delivery. Financial planning, financial education and counseling, retirement planning, debt management, and others are the major segments of the US financial wellness benefits market. The financial planning segment has dominated the market and is expected to grow at a CAGR of around 12% during the forecast period. It includes assistance and advice on budgeting, devising investment strategies, and long-term planning of finances.

A larger part of the workforce is looking at their long-term financial future as opposed to focusing on short-term stressors and seeking for the tools such as budgeting applications and action plans for a better financial outcome. Companies are onboarding financial planning advisors and asset managers, which is boosting the growth of the segment. Nowadays, vendors are launching several financial plans and offers. For instance, Korving & Co. offers a CFP-provided series of programs that are designed to educate participants about investing, debt, and retirement income planning.

Large, medium-sized, and small-sized business are the major end-users of the US financial wellness benefits market. Large companies have invested more in the financial wellness program, and the segment is expected to growing at a CAGR of around 13% during the forecast period. Recently, large companies have started offering voluntary financial benefits to employees, occasionally with cash incentives in order to aid the employee's money management. The offerings are designed based on Fortune 1000 companies and comprise online tools, personalized financial counseling, and a routine check on personal financial metrics.

The US financial wellness benefits market by delivery is divided into one-on-one, online/digital, and group. One-on-one assistance is gaining popularity and is growing at a CAGR of around 13%. Employees are seeking one-on-one interaction as it provides clarity about financial terms. Hence, advisors are catching up with employees at regular intervals via phone or personal meetings, which includes web-based platforms or classroom sessions.

Key Vendor Analysis

The US financial wellness benefits market is characterized by several startup and employee benefits providers. Majority of new ones and do not necessarily have a sufficient track record. However, they are the ones that are fueling innovation and re-imagining the financial services space. Further, the market in US is highly fragmented, and employers are keen to provide solutions to employees.

Several vendors have introduced platforms to interact with consumers. The future of financial benefits is expected to be governed by targeted communication, integrated, multichannel approach, accessibility to reliable resources, and personalized learning paths for exponential engagement.

Leading Vendors in Market are:

• Prudential Financial
• Bank of America
• Fidelity
• Mercer
• Financial Finesse
  

Key Topics Covered:

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
4.4 Market Segments

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 US Healthcare
7.4 Pulse of the American Workforce
7.4.1 Financial Outlook
7.5 Financial Wellness: An Overview

8 Market Dynamics
8.1 Market Growth Enablers
8.1.1 Changing Work Paradigm
8.1.2 Financial Unease Despite Upbeat Environment
8.1.3 Ability to Integrate and Leverage Existing Benefits
8.1.4 Employers Take Onus for Employee Financial Wellness
8.2 Market Growth Restraints
8.2.1 Misalignment in Financial Wellness Offerings
8.2.2 Fiduciary Concerns Hinder Efforts
8.2.3 The Elusive ROI
8.2.4 Low Employee Participation and Engagement
8.3 Market Opportunities & Trends
8.3.1 Hijack of the Term Financial Wellness
8.3.2 Data Analytics in Financial Wellness
8.3.3 Rising Financial Wellness Incentives
8.3.4 Administration of Targeted Benefits

9 US Financial Wellness Benefits Market
9.1 Market Overview
9.2 Market Size & Forecast
9.3 Five Forces Analysis
9.3.1 Threat of New Entrants
9.3.2 Bargaining Power of Suppliers
9.3.3 Bargaining Power of Buyers
9.3.4 Threat of Substitutes
9.3.5 Competitive Rivalry

10 By Type
10.1 Market Snapshot & Growth Engine
10.2 Market Overview
10.3 Financial Planning
10.4 Financial Education & Counseling
10.5 Retirement Planning
10.6 Debt Management
10.7 Others

11 By End-User
11.1 Market Snapshot & Growth Engine
11.2 Market Overview
11.3 Large Businesses
11.4 Medium-Sized Businesses
11.5 SMALL-sized Businesses

12 By Delivery
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.3 One-on-one
12.4 Online/Digital
12.5 Group

13 Competitive Landscape

14 Market Vendor Analysis

15 Key Company Profiles
15.1 Prudential Financial
15.1.1 Business Overview
15.1.2 Major Products & Service Offerings
15.1.3 Key Strengths
15.1.4 Key Strategies
15.1.5 Key Opportunities
15.2 Bank of America Merrill Lynch
15.3 Fidelity
15.4 Mercer
15.5 Financial Finesse

16 Other Prominent Vendors
16.1 Aduro
16.1.1 Business Overview
16.1.2 Product and Service Offerings
16.1.3 Key Strengths
16.1.4 Key Strategies
16.2 AYCO
16.3 Beacon Health Options
16.4 Best Money Moves
16.5 BrightDime
16.6 DHS Group
16.7 Edukate
16.8 Enrich
16.9 Even
16.10 Financial Fitness Group
16.11 HealthCheck360
16.12 Health Advocate
16.13 Money Starts Here
16.14 PayActiv
16.15 Purchasing Power
16.16 Ramsey Solutions
16.17 Sum180
16.18 Transamerica

For more information about this report visit https://www.researchandmarkets.com/r/joplqb

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