United States Financial Wellness Benefits Industry to 2026 - Prominent Players Include Fidelity Investments, Mercer & Financial Finesse Among Others

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Feb 09, 2021, 14:00 ET

DUBLIN, Feb. 9, 2021 /PRNewswire/ -- The "U.S. Financial Wellness Benefits Market - Industry Outlook and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.

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.

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.

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?

Companies Mentioned

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

For more information about this report visit https://www.researchandmarkets.com/r/13ycq

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