Financial Wellness Benefits Market in US - Industry Outlook and Forecast 2019-2024

Date: May 13, 2019
Pages: 196
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Publisher: Arizton Advisory & Intelligence
Report type: Strategic Report
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Financial Wellness Benefits Market in US - Industry Outlook and Forecast 2019-2024
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 2019−2024. 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.

Market Segmentation by Type
  • Financial Planning
  • Financial Education and Counseling
  • Retirement Planning
  • Debt Management
  • Others
Market Segmentation by End-user
  • Large Business
  • Medium-sized Business
  • Small-sized Business
Market Segmentation by Delivery
  • One-on-one
  • Online/digital
  • Group
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
Other prominent vendors are Aduro, Ayco, Beacon Health Options, Best Money Moves, BrightDime, DHS Group, Edukate, Enrich Financial Wellness, Even, Financial Fitness Group, HealthCheck360, Health Advocate, Money Starts Here, PayActive, Purchasing Power, Ramsey Solutions, Sum180, and Transamerica.

Key Market Insights include
  • Offers market sizing and growth prospects of the US financial wellness benefits market for the forecast period 2019–2024
  • Provides comprehensive insights on the latest industry trends, market forecast, and growth drivers in the US financial wellness benefits market
  • Includes a detailed analysis of market growth drivers, challenges, and investment opportunities
  • Delivers a complete overview of market segments and the regional outlook of the US financial wellness benefits market
      • Offers an exhaustive summary of the vendor landscape, competitive analysis, and key market strategies to gain a competitive advantage in the US market
1 RESEARCH METHODOLOGY

2 RESEARCH OBJECTIVES

3 RESEARCH PROCESS

4 SCOPE & COVERAGE

4.1 Market Definition
  4.1.1 Inclusions
  4.1.2 Exclusions
4.2 Base Year
4.3 Scope of the study
4.4 Market Segments
  4.4.1 Market Segmentation by Products
  4.4.2 Market Segmentation by End-user
  4.4.3 Market Segmentation by Delivery

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
  10.3.1 Market Size & Forecast
10.4 Financial Education & Counseling
  10.4.1 Market Size & Forecast
10.5 Retirement Planning
  10.5.1 Market Size & Forecast
10.6 Debt Management
  10.6.1 Market Size & Forecast
10.7 Others
  10.7.1 Market Size & Forecast

11 BY END-USER

11.1 Market Snapshot & Growth Engine
11.2 Market Overview
11.3 Large Businesses
  11.3.1 Market Size & Forecast
11.4 Medium-Sized Businesses
  11.4.1 Market Size & Forecast
11.5 SMALL-sized Businesses
  11.5.1 Market Size & Forecast

12 BY DELIVERY

12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.3 One-on-one
  12.3.1 Market Size & Forecast
12.4 Online/Digital
  12.4.1 Market Size & Forecast
12.5 Group
  12.5.1 Market Size & Forecast

13 COMPETITIVE LANDSCAPE

13.1 Competition Overview

14 MARKET VENDOR ANALYSIS

14.1 Market Share 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
  15.2.1 Business Overview
  15.2.2 Major Products & Service Offerings
  15.2.3 Key Strengths
  15.2.4 Key Strategies
  15.2.5 Key Opportunities
15.3 Fidelity
  15.3.1 Business Overview
  15.3.2 Major Products & Service Offerings
  15.3.3 Key Strengths
  15.3.4 Key Strategies
  15.3.5 Key Opportunities
15.4 Mercer
  15.4.1 Business Overview
  15.4.2 Major Products & Service Offerings
  15.4.3 Key Strengths
  15.4.4 Key Strategies
  15.4.5 Key Opportunities
15.5 Financial Finesse
  15.5.1 Business Overview
  15.5.2 Major Products & Service Offerings
  15.5.3 Key Strengths
  15.5.4 Key Strategies
  15.5.5 Key Opportunities

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
  16.2.1 Business Overview
  16.2.2 Product and Service Offerings
  16.2.3 Key Strengths
  16.2.4 Key Strategies
16.3 Beacon Health Options
  16.3.1 Business Overview
  16.3.2 Product and Service Offerings
  16.3.3 Key Strengths
  16.3.4 Key Strategies
16.4 Best Money Moves
  16.4.1 Business Overview
  16.4.2 Product and Service Offerings
  16.4.3 Key Strengths
  16.4.4 Key Strategies
16.5 BrightDime
  16.5.1 Business Overview
  16.5.2 Products & Service Offerings
  16.5.3 Key Strengths
  16.5.4 Key Strategies
16.6 DHS Group
  16.6.1 Business Overview
  16.6.2 Products & Service Offerings
  16.6.3 Key Strengths
  16.6.4 Key Strategies
16.7 Edukate
  16.7.1 Business Overview
  16.7.2 Product and Service Offerings
  16.7.3 Key Strengths
  16.7.4 Key Strategies
16.8 Enrich
  16.8.1 Business Overview
  16.8.2 Products & Service Offerings
  16.8.3 Key Strengths
  16.8.4 Key Strategies
16.9 Even
  16.9.1 Business Overview
  16.9.2 Products & Service Offerings
  16.9.3 Key Strengths
  16.9.4 Key Strategies
16.10 Financial Fitness Group
  16.10.1 Business Overview
  16.10.2 Products & Service Offerings
  16.10.3 Key Strengths
  16.10.4 Key Strategies
16.11 HealthCheck360
  16.11.1 Business Overview
  16.11.2 Products & Service Offerings
  16.11.3 Key Strengths
  16.11.4 Key Strategies
16.12 Health Advocate
  16.12.1 Business Overview
  16.12.2 Products & Service Offerings
  16.12.3 Key Strengths
  16.12.4 Key Strategies
16.13 Money Starts Here
  16.13.1 Business Overview
  16.13.2 Products & Service Offerings
  16.13.3 Key Strengths
  16.13.4 Key Strategies
16.14 PayActiv
  16.14.1 Business Overview
  16.14.2 Products & Service Offerings
  16.14.3 Key Strengths
  16.14.4 Key Strategies
16.15 Purchasing Power
  16.15.1 Business Overview
  16.15.2 Products & Service Offerings
  16.15.3 Key Strengths
  16.15.4 Key Strategies
16.16 Ramsey Solutions
  16.16.1 Business Overview
  16.16.2 Products & Service Offerings
  16.16.3 Key Strengths
  16.16.4 Key Strategies
16.17 Sum180
  16.17.1 Business Overview
  16.17.2 Products & Service Offerings
  16.17.3 Key Strengths
  16.17.4 Key Strategies
16.18 Transamerica
  16.18.1 Business Overview
  16.18.2 Major Products & Service Offerings
  16.18.3 Key Strengths
  16.18.4 Key Strategies

17 REPORT SUMMARY

17.1 Key Takeaways
17.2 Strategic Recommendations
17.3 Quantitative Summary
  17.3.1 Market Size

18 APPENDIX

18.1 Abbreviations

LIST OF EXHIBITS

Exhibit 1 Segmentation of Financial Wellness Benefits Market in US
Exhibit 2 Market Size Calculation Approach 2018
Exhibit 3 Pulse of Financial Wellness Benefits Market in US
Exhibit 4 Change in Real GDP in US 2017−2023 (%)
Exhibit 5 Financial Stress and Health 2018
Exhibit 6 US Healthcare Costs Per Capita 2015 ($)
Exhibit 7 Impact of Financial Wellness and Health Issues at Work
Exhibit 8 Percentage of Each Generation in Today’s Workforce
Exhibit 9 Employee Engagement Levels by Generation 2017
Exhibit 10 Outlook on Financial Situation for 2019
Exhibit 11 Financial Outlook by Various Consumer Groups 2018
Exhibit 12 Employers Offering Financial Wellness Programs to Varied Degrees 2018 (%)
Exhibit 13 Impact of Changing Work Paradigm
Exhibit 14 Percentage of Employers Who Value Benefit Objectives 2017−2018
Exhibit 15 Impact of Financial Unease Despite Upbeat Environment
Exhibit 16 Statistics on Financial Angst and its Effect on Work 2018
Exhibit 17 Areas of Financial Concern by Family Income
Exhibit 18 Wellbeing of the American Population 2017
Exhibit 19 Impact of Ability to Integrate and Leverage Existing Benefits
Exhibit 20 Financial Wellness and Benefits Equation 2018
Exhibit 21 Impact of Employers Take Onus for Employee Financial Wellness
Exhibit 22 Employees Banking on Employer for Financial Security 2012−2018 (%)
Exhibit 23 Employer-Employee Financial Wellness Equation 2018
Exhibit 24 Impact of Misalignment in Financial Wellness Offerings
Exhibit 25 Reasons for Employees Not Using Financial Wellness Benefits Offered by Employers
Exhibit 26 Impact of Fiduciary Concerns Hindering Efforts
Exhibit 27 Impact of The Elusive ROI
Exhibit 28 Employer Outlook on Financial Wellness, its Value and ROI 2018
Exhibit 29 Impact of Low Employee Participation and Engagement
Exhibit 30 Case for Lack of Participation and Engagement 2018
Exhibit 31 Impact of Hijack of the Term Financial Wellness
Exhibit 32 Impact of Data Analytics in Financial Wellness
Exhibit 33 Impact of Rising Financial Wellness Incentives
Exhibit 34 Financial Wellness Incentive Statistics 2018
Exhibit 35 Impact of Administration of Targeted Benefits
Exhibit 36 Financial Wellness Benefits: An Overview 2018
Exhibit 37 Definition of Financial Wellness and Relevance to Each Generation
Exhibit 38 Financial Wellness Benefits Market in US 2018−2024 ($ million)
Exhibit 39 Five Forces Analysis 2018
Exhibit 40 Incremental Growth by Type 2018−2024
Exhibit 41 Financial Wellness Benefits Market in US by Type 2018−2024 ($ million)
Exhibit 42 Financial Wellness Benefits Market in US by Type 2018 & 2024
Exhibit 43 Financial Wellness Benefits Market in US - Comparison by Type 2018−2024
Exhibit 44 Financial Planning Benefits Market in US 2018−2024 ($ million)
Exhibit 45 Financial Assistance by Delivery 2012 and 2018
Exhibit 46 Financial Education & Counseling Market in US 2018−2024 ($ million)
Exhibit 47 State of Retirement in US 2018
Exhibit 48 Financial Wellness Retirement Planning Market in US 2018−2024 ($ million)
Exhibit 49 Financial Debt Management Market in US 2018−2024 ($ million)
Exhibit 50 Other Financial Wellness Benefits Market in US 2018−2024 ($ million)
Exhibit 51 Incremental Growth by End-user 2018−2024
Exhibit 52 Financial Wellness Benefits Market in US by End-user ($ million)
Exhibit 53 Financial Wellness Benefits Market in US by End-user 2018 & 2024
Exhibit 54 Financial Wellness Benefits Market in US by End-user 2018–2024
Exhibit 55 Large Businesses Wellness Benefits Market in US 2018−2024 ($ million)
Exhibit 56 Financial Wellness in Large Businesses: The Bigger Picture 2018
Exhibit 57 Financial Wellness in Medium-sized Businesses: The Bigger Picture 2018
Exhibit 58 Medium-sized Businesses Wellness Benefits Market in US 2018−2024 ($ million)
Exhibit 59 Small-sized Businesses Wellness Benefits Market in US 2018−2024 ($ million)
Exhibit 60 Financial Wellness in Small Businesses: The Bigger Picture 2018
Exhibit 61 Incremental Growth by Delivery 2018−2024
Exhibit 62 Financial Wellness Benefits Market in US by Delivery ($ million)
Exhibit 63 Financial Wellness Benefits Market in US by Delivery 2018 & 2024
Exhibit 64 Financial Wellness Benefits Market in US by Delivery 2018–2024
Exhibit 65 One-on-one Financial Wellness Benefits Market in US 2018−2024 ($ million)
Exhibit 66 Online/Digital Financial Wellness Benefits Market in US 2018−2024 ($ million)
Exhibit 67 Online Channels by Use in Financial Wellness
Exhibit 68 Group Financial Wellness Benefits Market in US 2018−2024 ($ million)
Exhibit 69 Market Analysis 2018 Ranking

LIST OF TABLES

Table 1 Key Caveats
Table 2 Currency Conversion 2013−2018
Table
Table 4 Gap in Employers’ and Employees’ Approach to Financial Wellness
Table 5 Prudential Financial: Products and Service Offerings
Table 6 Bank of America Merrill Lynch: Products & Service Offerings
Table 7 Fidelity: Products & Service Offerings
Table 8 Mercer: Products & Service Offerings
Table 9 Financial Finesse: Products & Service Offerings
Table 10 Financial Wellness Market in US by Type ($ million)
Table 11 Financial Wellness Market in US by Type (%)
Table 12 Financial Wellness Market in US by End-user ($ million)
Table 13 Financial Wellness Market in US by End-user (%)
Table 14 Financial Wellness Market in US by Delivery ($ million)
Table 15 Financial Wellness Market in US by Delivery (%)
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