Global Financial Wellness Program Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Financial Wellness Program Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

The Financial Wellness Program is a program designed to educate employees about personal financial risks (which may include loss of income due to premature death or illness, unexpected out-of-pocket medical expenses, etc.) and provides tools to manage these risks. There is a lot of financial pressure, which will consume a lot of manpower, which may require job changes. Providing the Financial Wellness Program may greatly help attract and retain employees. Financial Wellness Program is a solution that can help companies provide financial management education for employees, including planning, budgeting and reducing financial pressure.

Market Overview:

The latest research study on the global Financial Wellness Program market finds that the global Financial Wellness Program market reached a value of USD 2154.37 million in 2022. It’s expected that the market will achieve USD 5168.63 million by 2028, exhibiting a CAGR of 15.7% during the forecast period.

Increased user stickiness

The impact of COVID-19 on the Financial Wellness Program industry will involve all major links and all entities in the entire industry chain. Downstream demand has decreased, the company's management efficiency has declined, commuting has been severely hindered, marketing has been delayed, sales Have been affected, and company and employee revenue have declined. The services of the Financial Wellness Program can be carried out through the mobile process. During the epidemic, due to isolation and other needs, or to avoid the need to go out, employees can learn through the relevant mobile program Some of your own financial situation, such as credit, whether there is paid sick leave, insurance, and expenditure. From this perspective, COVID-19 is a process of increasing viscosity with users for the Financial Wellness Program market.

SMEs in crisis

The main application area of the Financial Wellness Program market is enterprises, COVID-19 has a huge impact on the operation of the industry, of which the impact on SMEs is more obvious. The company's inability to conduct normal operations and sales has exacerbated the shortage of funds for SMEs and reduced the company's solvency. Some small and medium-sized enterprises are in trouble or even bankrupt.

Strength

increase in demand

The number of suppliers launching the latest Financial Wellness Program has surged, which has promoted the development of the Financial Wellness Program market. In addition, the upsurge of one-to-one and digital assistance will promote market growth. With the coming retirement of baby boomers and the attention of new generation employees (millennials) entering the workplace, the demand of global Financial Wellness Program market is increasing.

Finance will affect the lives of every functional department of the company and every employee. If an employee finances are stretched, it will negatively affect job satisfaction, attitude, and performance. Employees with great financial pressure will miss more job opportunities and pay higher healthcare costs than colleagues. These factors will inevitably damage the company employee engagement and ultimately affect the company profits, especially when financial difficulties affect many employees.

Weakness

Data and technology security issues

The main factor hindering the market is the problems related to data and security, which are caused by the high dependence on technology and data integration. The Financial Wellness Program is connected with the data function and may be the target of various network attacks. Therefore, network security and data protection have become a problem in these Financial Wellness Program.

Newly Sprouted Things

Because Financial Wellness Program is a new thing, it lacks extensive cognition in social existence, and some companies and employees don not know it deeply, so it is not conducive to opening up the market. At present, the Financial Wellness Program is in the early stage of development, lacking mature operation system and relevant standards. It is expected that this will hinder the growth of the market.

Region Overview:

In 2022, the share of the Financial Wellness Program market in North America stood at 50.3%.

Company Overview:

Prudential, Morgan Stanley, Fidelity, Mercer and KeyBank are the five key players in the global Financial Wellness Program market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Financial Wellness Program market in the past 5 years.

Prudential

Prudential Financial, Inc. is an American Fortune Global 500 and Fortune 500 company whose subsidiaries provide insurance, investment management, and other financial products and services to both retail and institutional customers throughout the United States and in over 40 other countries.

Morgan Stanley

Morgan Stanley is a financial services corporation that, through its affiliates and subsidiaries, advises, and originates, trades, manages, and distributes capital for institutions, governments, and individuals. The company operates in three business segments: Institutional Securities, Wealth Management, and Investment Management.

Segmentation Overview:

By type, For Employers segment accounted for the largest share of market in 2022.

Application Overview:

The market's largest segment by application is the segment Large Enterprises, with a market share of 73.78% in 2022.

Key Companies in the global Financial Wellness Program market covered in Chapter 3:

SmartDollar
Prosperity Now
KeyBank
Enrich Financial Wellness
My Secure Advantage (MSA)
Health Advocate
Prudential
Wellable
Edukate
Mercer
PayActiv
Financial Fitness Group
Morgan Stanley
Fidelity

In Chapter 4 and Chapter 14.2, on the basis of types, the Financial Wellness Program market from 2018 to 2029 is primarily split into:

For Employers
For Employees

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Financial Wellness Program market from 2018 to 2029 covers:

Large Enterprises
SMEs

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)