Financial Wellness Benefits Market Size, Share, Growth, And Industry Analysis By Type (Financial Planning, Financial Education and Counseling, Retirement Planning, Debt Management, and Others) By Application (Large Business, Medium-sized Business, and Small-sized Business) and Regional Forecast to 2028

Updated On: 13 November 2023

Report Overview

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The global financial wellness benefits market size was USD 1793 million in 2022. As per our research, the market is expected to reach USD 3374 million by 2028, exhibiting a CAGR of 9.3% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the financial wellness benefits market growth and demand returning to pre-pandemic levels once the pandemic is over.

Are you prepared to gain financial wellness and control over your finances? You have more options than ever to assist you in reaching your financial objectives due to the expanding market for financial wellness benefits. Many financial wellness perks are offered to employees, ranging from debt relief to retirement preparation. Retirement planning is one of the most well-liked categories of financial wellness advantages. Understandably, many firms are now providing retirement planning services as part of their financial wellness programs, as many people are concerned about whether they will have enough money saved for retirement. These programs can aid staff members in understanding their retirement objectives, creating a savings strategy, and selecting investments wisely.

Debt reduction is a different benefit of financial wellness that is becoming increasingly popular. Many people suffer from credit card debt, student loan debt, or other sorts of debt. Employers can assist employees in creating a strategy to pay off their debt and attain financial freedom by including debt reduction services in their financial wellness programs. In general, the market is expanding quickly as more and more businesses realize how important it is to assist their staff members in achieving financial well-being. Several financial wellness benefits are available to help you achieve your goals, whether you want to save money for retirement, pay down debt, or enhance your general financial health.

COVID-19 Impact: The Adoption Of Digital Solutions In The Financial Wellness Space Accelerated The Market Growth

The COVID-19 pandemic has significantly impacted the financial wellness benefits market, and it's exciting to see how the environment is evolving. In these uncertain times, employers are becoming increasingly aware of the value of providing their employees with financial wellness benefits. People are looking for ways to better manage their finances now that they are more financially aware of the pandemic. The need for financial wellness programs that may support employees in maintaining a healthy and secure financial situation has increased. Numerous new firms are joining the market, introducing creative solutions that address the shifting demands of the workforce. These companies use technology to offer employees individualized financial guidance, information, and tools that support smart financial decisions. Additionally, the epidemic has sped up the implementation of digital solutions for financial well-being, making it simpler for workers to use these advantages from a distance.

Latest Trends

"Using Technology-Based Platforms That Provide Personalized Financial Advice, Tools, And Resources To The Employees Boosts The Market Expansion"

The market for financial wellness benefits is expanding, and I couldn't be more thrilled! I cannot emphasize enough how important it is for employers to provide financial wellness benefits to their employees because I appreciate financial security and stability. And the most recent development in this field makes it even more approachable and interesting. Employers today use technology-based systems that give employees individualized financial guidance, information, and tools. Employees are inspired to take charge of their financial destiny by this, which improves their ability to handle their finances. This trend will completely revolutionize the landscape in this market, and I can't wait to see how it develops.

Segmentation

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• By Type Analysis

The financial wellness benefits market can be segmented into financial planning, financial education and counseling, retirement planning, debt management, and others. Among these, financial planning is projected to experience rapid growth through 2028.

• By Application Analysis

The market can be divided based on application into large business, medium-sized business, and small-sized business. The large business is expected to hold the most significant financial wellness benefits market share in the upcoming years.

Driving Factors

"The Growing Awareness Of The Importance Of Financial Wellness Among Employees Propels the Market Expansion"

The financial wellness benefits market is in an exciting phase as the industry's primary driving forces continue to take shape. Employees' increasing understanding of the value of financial health is a key driver of the market's expansion. Employers are becoming aware of the beneficial effects financial wellness benefits may have on employee satisfaction, productivity, and, ultimately, the business’s bottom line.

"The Rise Of Technology Fuels the Market Growth"

The development of technology is another major force behind this sector. Thanks to technological improvements, companies can now provide their employees with tailored financial wellness programs. These programs, which include debt management, retirement planning, and budgeting, can be customized to match the individual needs of employees. Thanks to the digital integration in financial wellness benefits, employees now have better access to the tools they need to improve their financial well-being. Additionally, the epidemic has made companies more conscious of their employees' financial requirements by emphasizing the value of financial security and stability. To help their workers, many businesses now include financial wellness benefits in their employee benefits package.

Restraining Factors

"The High Cost And Lack Of Awareness Hinder the Market Growth"

Employers are seeing the value of providing benefits to their staff regarding financial wellness. The market for financial wellness benefits may need to realize its full potential due to several restraints. One of these factors is workers need to be made aware of the existence of these perks. Many folks need to be made aware that their company provides financial wellness programs that could aid their monetary objectives. The perceived expense of providing these benefits is another element that may be prohibitive for smaller enterprises. Despite these obstacles, the market is expanding and changing, and new goods and services are constantly appearing.

Regional Insights

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"North America to Dominate Market Due To The Growing Awareness Of The Importance Of Financial Wellness Among Employees"

Between 2022 and 2028, the financial wellness benefits market will be dominated by North America. Factors driving the market growth in this region include the growing awareness of the importance of financial wellness among employees.

Additionally, the market is anticipated to experience the fastest growth in European and Asian countries (India, China, Japan, and South East Asia). The rise of technology fuels market expansion.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Prudential Financial (U.S.)
• Bank of America (U.S.)
• Fidelity (U.S.)
• Mercer (U.S.)
• Financial Fitness Group (U.S.)
• Hellowallet (U.S.)
• LearnVest (U.S.)
• SmartDollara (U.S.)
• Aduro (U.S.)
• Ayco (U.S.)
• Beacon Health Options (U.S.)
• Best Money Moves (U.S.)
• BrightDime (U.S.)
• DHS Group (U.S.)
• Edukate (U.S.)
• Enrich Financial Wellness (U.S.)
• Even (India) (U.S.)
• HealthCheck360 (U.S.)
• Health Advocate (U.S.)
• Money Starts Here (U.S.)
• PayActive (U.S.)
• Purchasing Power (U.S.)
• Ramsey Solutions (U.S.)
• Sum180 (U.S.)
• Transameric (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.