According to Arizton’s latest research report, the US financial wellness benefits market is growing at a CAGR of 12.91% during 2023-2029.
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Report Summary
Market Size (2029): $1.21 Billion
Market Size (2023): $587.02 Million
CAGR (2023-2029): 12.91%
Historic Year: 2020-2022
Base Year: 2023
Forecast Year: 2024-2029
Market Segmentation: Program, End-User, Delivery, Type, Industry, and Geography
Geographic Analysis: United States (South, West, Midwest, and Northeast)
Since 2020, U.S. employees’ views on mental and physical wellness have evolved, with a growing focus on financial stability as a key element of overall well-being. New generations entering the workforce equate wellness with freedom from debt, financial security, and the ability to spend and save without worry. The COVID-19 pandemic highlighted the importance of these factors, particularly as financial stress affected employees across all age groups.
As companies faced uncertain financial conditions, they recognized that monetary benefits alone are not enough to retain employees. This shift has led to a greater emphasis on customized financial wellness programs, including debt counseling services, emergency savings accounts, caregiving loans, short-term loans, and payroll advances. Benefits such as tuition reimbursement have become less popular, while support for managing financial and health-related challenges has taken center stage.
With a workforce increasingly impacted by chronic health conditions, companies have become more proactive in addressing employee health and wellness. This approach reflects the growing importance of integrating financial health initiatives, benefit design, and contribution strategies to meet employees’ evolving expectations. The emphasis is now on holistic wellness, where physical, mental, and financial well-being intersect.
Financial Planning: A Key to Achieving Financial Wellness in the U.S.
Financial planning plays a crucial role in achieving financial wellness in the U.S. by providing individuals with a structured approach to managing personal finances and reaching long-term goals. It helps create clear roadmaps for objectives such as buying a home, saving for education, or preparing for retirement. By addressing financial goals, it reduces stress, boosts mental and emotional well-being, and safeguards families through tools like life insurance and estate planning. Ultimately, financial planning is a key driver of financial security, offering a holistic approach to managing finances and building a stable future.
While most retirement plan vendors, such as those offering 401(k) plans, focus primarily on investment choices, they often lack the resources to provide comprehensive financial guidance. This gap has led to the rise of new players in the market, filling the void with tailored financial services.
For example, Edukate helps employees tackle various financial challenges, such as managing credit, purchasing a vehicle, budgeting, and planning for homeownership and estate planning. Similarly, Korving & Co. offers a Chartered Financial Consultant (CFP) program, providing education on investing, debt management, and retirement income planning. However, many advisory firms choose to offer these services externally to avoid potential conflicts of interest when conducting internal financial planning.
The Southern Region in the US to Hold the Largest Share
In 2023, the Southern region of the U.S. accounted for 34.59% of the nation’s financial wellness benefits market. This region includes major states like Texas, Florida, Virginia, and Georgia, and is home to a significant number of employees. As one of the largest regions in terms of both companies and workforce size, the Southern U.S. holds the highest market share for financial wellness benefits.
Work, money, and the economy are primary sources of stress for individuals in the South. However, employees in the region recognize the importance of financial wellness programs in managing stress and promoting healthier lifestyle and behavior changes. Financial wellness benefits are seen as crucial for improving overall well-being.
Texas, the second-largest state by economic size, plays a key role in driving economic output, with industries like real estate, manufacturing, government, and professional services contributing significantly. Meanwhile, Florida’s economy continues to thrive, despite a slight uptick in the unemployment rate. Job growth remains strong, with above-average income growth and continued economic resilience, ensuring the region’s economic strength.
Competitive Overview
The U.S. financial wellness benefits market is growing, with over 300 players involved, including start-ups, employee benefits providers, banks, credit unions, non-profit organizations, and insurance companies. Many of these new players have limited track records but are rapidly entering the market to cater to at-risk individuals. To enhance their offerings, some financial wellness providers are partnering with or acquiring smaller players.
For example, many 401(k) advisors have partnered with unbiased financial wellness partners to incorporate these benefits into retirement plans. Retirement plan consultants, traditionally focused on 401(k)s, are increasingly adopting financial wellness as a core aspect of their business as the market shifts in that direction and employers show trust in their expertise.
Looking ahead, the future of financial wellness benefits is expected to be driven by targeted communication, an integrated, multichannel approach, easy access to reliable resources, and personalized learning paths, all of which will enhance employee engagement and participation.
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Key Company Profiles
Market Segmentation
Program
End-User
Delivery
Type
Industry
Region
Key Questions Answered in the Report:
How big is the U.S. financial wellness benefits market?
What is the growth rate of the U.S. financial wellness benefits market?
Which region dominates the U.S. financial wellness benefits market share?
What are the significant trends in the U.S. financial wellness benefits market?
Who are the key players in the U.S. financial wellness benefits market?
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