CHICAGO, May 9, 2019 /PRNewswire/ -- According to Arizton's recent research report, the US financial wellness benefits market is expected to reach over $825 million by 2024, growing at a CAGR of more than 13% during the period 2018–2024.
Key Highlights Offered in the Report:
- A slew of financial programs that are specifically designed to educate the employer's investments, debts, and retirement planningis likely to drive the financial wellness market in the US.
- Nearly 30% of employers are offering one-on-one financial planning solutions that focus on obtaining mortgage and maintaining debts.
- Around 92% of large companies are likely to opt for financial wellness programs such as budgeting and debt management during the forecast period.
- Large firms are actively looking for multiple digital tools and highly integrated/technology solutions to implement financial wellness programs
- Generation X are keen toward budgeting tools such as budgeting apps or direct deposits and resources than the older population.
- Millennials are relying on voluntary benefits such as cancer insurance, critical illness, hospital indemnity.
- Several employers are beginning to go beyond retirement and offer debt management, budgeting, investing, and planning solutions.
- The "Made in America" movement is expected to translate into better job opportunities in the US, thereby driving the demand for wellness programs.
- Market Size & Forecast by Revenue | 2018–2024
- Market Dynamics – Leading trends, restraints, and growth drivers
- Market Segmentation –A detailed analysis by market by types, end-users, and delivery.
- Competitive Landscape – Profile of 5 key vendors and 18 prominent players
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US Financial Wellness Benefits Market: Segmentation
This market research report includes a detailed market segmentation by types, end-users, and delivery.
- Major companies have onboard financial planning advisors and asset managers, which are boosting the growth of financial planning in the US financial wellness benefits market.
- Several large enterprises have started offering voluntary financial benefits to employees, occasionally cash incentives,in order to aid employees with money management.
Market Segmentation by Types
- Financial Planning
- Financial Education and Counseling
- Retirement Planning
- Debt Management
Market Segmentation by End-users
- Large Business
- Medium-sized Business
- Small-sized Business
Market Segmentation by Delivery
US Financial Wellness Benefits Market: Dynamics
Wearables, onsite program delivery, software platforms, employee feedback, online screening and surveys, and other data sources are used to garner insights and help employees to understand about financial wellness.
Key Drivers and Trends fueling Market Growth:
- Entry of Data Analytics in Financial Wellness
- Financial Wellness Incentives on the Up
- Changing Work Paradigm
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Leading Vendors in Market:
- Prudential Financial
- Bank of America
- 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.
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SOURCE Arizton Advisory & Intelligence