U.S. Financial Wellness Benefits Market Report 2024-2029 with Bank of America Merrill Lynch, Financial Finesse, Mercer, Prudential Financial, Virgin Pulse Leading the $1.21 Billion Market

The market has seen the entry of banks, credit unions, community-based non-profit organizations, and insurance companies, which primarily serve at-risk individuals. These entities often acquire or partner with smaller financial wellness benefits industry players. For instance, many 401(k) advisors are now collaborating with unbiased financial wellness partners to integrate financial wellness into retirement plans. Retirement plan consultants, in particular, are shifting their focus beyond 401(k) plans to make financial wellness the core of their business as the market trends in that direction and employers place their trust in these advisors. The need to manage workplace stressors such as long working hours, quality of work-life balance, and increasing workplace competition are primary drivers of health and well-being programs in the United States. Following a prolonged period of slow growth, the company's profits have risen, further fueling the adoption of stress management programs. This financial improvement allows employees to better allocate budgets for these programs, leading to anticipated growth in the U.S. workplace stress management market over the forecast period. Also, the U.S. workforce experiences higher health costs and potentially greater mortality from workplace stressors compared to workers in OECD countries in Europe. Increased awareness of the costs associated with workplace stress, the expansion of health insurance coverage, and the wider adoption of family-friendly work policies could significantly benefit U.S. workers. As a result, major U.S. financial wellness benefits market vendors are focusing on innovative ways to deliver financial wellness programs, leveraging digital technology to provide information through company portals and host virtual screenings.The Southern region held the largest share of the U.S. financial wellness benefits market, accounting for over 34% in 2023. The Southern region consists of the following major states: Texas, Florida, Virginia, Georgia, and others. It has one of the largest numbers of companies and ranks the highest in terms of the number of employees in the United States. Moreover, for Southern people, work, money, and the economy are leading sources of stress. Owing to the significant presence of companies and an employee base, the region holds the highest market share for financial wellness benefits. Furthermore, Southern U.S. employees strongly believe that stress management is crucial and can impact a person's health. Southerners acknowledge the role that financial wellness benefits programs can play in helping them manage stress and lifestyle or behavior changes.MARKET TRENDS & OPPORTUNITIES Growing Role of Wellness ChampionsWellness champions are playing a growing role in the success of wellness programs. This is because they are rooted in the idea that people are more likely to be influenced by the healthy behavior demonstrated by social influencers, which includes their family, friends, and colleagues. This position is based on motivating employees to compete and ensure their well-being collectively. These wellness champions act within a professional wellness program's pre-existing framework and rules. Others work with the wellness champions to help create initiatives and programs. Companies such as Alyfe and EXOS work on finding these champions and creating customized cultures for better outcomes. Many of these vendors have found that wellness programs would be more effective if 1%-4% of the workplace population served as champions. Vendors seeking to harness this trend can collaborate with established groups within the employee population to improve awareness and engagement in wellness programs and seek feedback regarding program offerings and implementation.Employers Take Onus for Employee Financial WellnessAccording to the Bank of America survey, almost 4 out of every 10 employees feel financially ill. Historically, personal finance has been considered peripheral to an individual's wellness. However, it is becoming a core element of overall well-being. Employees no longer trust public social safety nets, so the private sector is stepping in to play a bigger role in financial wellness. Employees are optimistic because they believe they do not have to resolve their financial issues alone. Employees are looking at employers as a potential source of financial aid beyond retirement, as opposed to the family. Employers couldn't agree less; they are more aware of their role in investing in their employees' financial wellness and prompt employers to support them.INDUSTRY RESTRAINTS Misalignment in Financial Wellness OfferingsWhile employers are interested in taking care of their employees' financial well-being, they contribute to personal financial nervousness by eliminating safety nets. In addition, the base wages are kept to a minimum as employers reward their best-performing employees and do away with final salary pension schemes. However, they must align their programs with employee motivations and what they place a higher degree of value. Also, since budgets and funding are limited, a lot of work on financial wellness programs and their implementation has been conducted by market players, thought leaders who advocate for them, those with a direct stake in the outcome, and onsite workers. Employees are largely left out. This often leads to bias and can result in a larger number of instances where employers are simply shooting in the dark. Thus, there is a gap between the financial wellness benefits delivered as being in employees' best interests and what employees want. Also, the impact of these programs on employees who often switch companies is under question. KEY QUESTIONS ANSWERED How big is the U.S. financial wellness benefits market?Which region dominates the U.S. financial wellness benefits market?What are the significant trends in the U.S. financial wellness benefits market?What is the growth rate of the U.S. financial wellness benefits market?Who are the key players in the U.S. financial wellness benefits market? Report AttributeDetailsNo. of Pages342Forecast Period2023 - 2029Estimated Market Value (USD) in 2023$587.02 MillionForecasted Market Value (USD) by 2029$1210 MillionCompound Annual Growth Rate12.9%Regions CoveredUnited States Premium Insights Opportunity PocketsUS Cost of Stress to Corporate SectorUS Wellbeing by StateFinancial Wellness: An OverviewFinancial Wellness: FrameworkState of US HealthcareEconomic & Demographic AnalysisPopulationIncomeGeneration & Age TrendsRacial/Ethnic TrendsAmerican Workforce Analysis Market Opportunities & Trends Growing Role of Wellness ChampionsIncreasing Growth in Early Wage AccessUS Increasing Penetration of Gig EconomyHuge Interest & Investment from Investment CompaniesHijack of Term Financial WellnessGrowing Influence of Data Analytics in Financial WellnessAdministration of Targeted BenefitsIntegrating & Leveraging Existing Benefits Market Growth Enablers US Changing Work DynamicsRising Financial Wellness IncentivesEmployers Take Onus for Employee Financial Wellness Market Restraints Misalignment in Financial Wellness OfferingsFiduciary Concerns Hinder Financial Wellness EffortsThe Elusive ROILow Employee Participation & Engagement Key Company Profiles Bank of America Merrill LynchFinancial FinesseMercerPrudential FinancialVirgin Pulse (Personify Health) Other Prominent Vendors AduroAycoBaySportBest Money MovesBrightDimeBrightPlanBrightsideCarelon Behavioral HealthDHS GroupEdukateEnrichEven (ONE@Work)Financial Fitness GroupFinancial KnowledgeFinFitFlexWageCandidlyGoPlan 101HealthCheck360Health AdvocateIntegrated Wellness PartnersLearnLuxLifeCentsLimeadeMariner Wealth AdvisorsMoney Starts HereMy Secure AdvantageOriginPayactivPro Financial HealthPurchasing PowerQuestisRamsey SolutionsSalary FinanceSavologySqwireSoFiThe Financial GymTransamericaYour Money Line Segmentation by Program Financial PlanningFinancial Education & CounselingRetirement PlanningDebt ManagementOthers Segmentation by End-User Large BusinessesMedium-Sized BusinessesSmall-Sized Businesses Segmentation by Delivery One-On-OneOnline/DigitalGroup Segmentation by Type Consumer ToolsEmployer Tools Segmentation by Industry HealthcareFinancial ServicesEducationManufacturingPublic Sector For more information about this report visit https://www.researchandmarkets.com/r/hhmivm About ResearchAndMarkets.comResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. U.S. Financial Wellness Benefits Market U.S. Financial Wellness Benefits Market U.S. Financial Wellness Benefits Market

U.S. Financial Wellness Benefits Market Report 2024-2029 with Bank of America Merrill Lynch, Financial Finesse, Mercer, Prudential Financial, Virgin Pulse Leading the $1.21 Billion Market

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