US financial wellness industry have the power to change corporate culture, employers are taking measures to improve the financial health of their employees by shaping new behavioral norms.
According to the latest Arizton's market research report, the financial wellness industry size to reach over USD 834 million by 2025, growing at a CAGR of around 13% during the forecast period.
Financial Wellness Industry Growth Analysis
US financial wellness industry have the power to change corporate culture, employers are taking measures to improve the financial health of their employees by shaping new behavioral norms. This has strengthened the demand for financial wellness benefits and is expected to drive market growth in the coming years. Financial wellness industry has found its place in the benefits space as a natural extension of health-based benefits, which is augmented and made more rewarding through physical and mental wellness programs. Several organizations are looking to invest in technologies and expanding their current HR capabilities to measure their initiatives through big data. There is an increase in use of data planning for financial wellness strategy, enabling the creation of an evidence base for workforce finance needs.
What’s Trending in the Market?
- According to the American Psychological Association, the biggest source of stress (72%) for American adults are worries related to money.
- FinFit, a financial wellness company offered its platform for free through June 30, 2020. Additionally, the company also launched a COVID-19 resource center.
- Enrich is providing free-of-charge financial wellness resources online, giving them access to tools that address issues centered around job security, retirement savings, the economy, and investments.
- According to CFPB, employers offering financial wellness benefits have the potential to save USD 3 for every single dollar they spend.
Employees in the US have changed the way they think about financial wellness as traditional notions of the benefits component are changing in recent years and more in 2020. 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. Since millennials and the older workforce nearing retirement age are the ones most struggling, programs that tend to them are expected to witness increased engagement.
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by program, end-users, delivery, type, industry, and geography
- Competitive Landscape – 5 Key Company Profiles and 36 Other Prominent Vendors
Strategies Adopted by Players in the US Financial Wellness Industry
The US financial wellness industry has 300+ players, the industry also witnessed the entry of banks, credit unions, community-based non-profit organizations, and insurance companies, which have largely catered to at-risk individuals. The future of financial wellness industry is expected to be governed by targeted communication, integrated multichannel approaches, accessibility to reliable resources, and personalized learning paths for exponential engagement. Industry players compete in terms of cost, ease of implementation, brand value, expertise, breadth of benefits, customization ability, employee communications, skilled workforce, and technological capability. The financial wellness industry facilitates a continuous journey as opposed to random activities throughout the year, driving more engagement and interaction.
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