The Financial Wellness Program Market is increasing at a faster pace with a considerable growth rate over the previous few years and it is predicted that the market will continue to expand in the forecast period that is 2020 to 2028.
Financial Wellness Program Market- Introduction-
The financial wellness program assists to reduce money-related stress and to make the budget better for the employees. The financial wellness program helps to grow the finance of employees. This program offers courses on retirement account growth, debt reduction, homeownership, etc.
Whereas, the financial wellness program software, provides updated tools for the organizations, to administer, develop and execute various financial wellness activities. This type of tool helps by providing staff, budgeting, planning, literacy, and alleviating money tensions in the business.
During the forecast period 2021 to 2028, the global financial wellness program market is predicted to grow at a CAGR of 16.5%. The financial wellness program is developed to help the employees to manage their finance and improve their overall financial condition by offering resources and different tools that assist to make better decisions about their finance. This program also provides access to financial advisors to the employees who can advise employees about how to improve their personal finance.
Financial Wellness Program- Overview
The global financial program market is predicted to grow at a CAGR of 16.5% during the years 2021 to 2028 which is the forecast period. The increase in this market can be attributed to spreading awareness about the programs of financial awareness, and this reason is driving the acceptance of these programs among different organizations.
However, during the forecast period, the financial wellness program market for managers/employers is predicted to grow at a CAGR of 17%. This growth attributes mainly growth in the requirement between the large enterprises. However, growth in the awareness about such services among the authorities/employers who wants their employees to be taken care of by providing them access to such services through the means of these programs. Whereas, increase in awareness among individuals about such initiatives who desire to have control over their personal finances and improve their decision-making skills when it comes to managing and making the decision about the money matter.
Financial Wellness Program- Market Size
In the year 2027, the global financial wellness market is estimated to reach the US $3449.7 million and will continue to grow at US $1824.4 million in 2020 at a CAGR of 9.5% during the forecast period that is 2021 to 2027.
Financial Wellness Program- Benefits
1) Improved employee productivity-
To improve the productivity of the employee, the financial program requires to provide-
Budget Counseling, Student loan support, and debt reduction programs, will assist to reduce personal financial hardship. These programs save the time of employees from problems and many worries.
2) Increase in employee satisfaction-
According to the analysis, when the employees’ access to the financial programs, it has been observed that employees are gaining professional satisfaction. The employees ready for unexpected financial emergencies is engaged at work, as they don’t have to worry about their finance.
3) Greater employee retention-
If the employees see that they have a more significant hand to help them in their finances, then they are likely to stay in an organization, this increases retention and makes the company culture better.
4) Strong employee recruitment-
For the employees, health insurance makes a strong sense of stability. For strong recruitment, the organization needs to offer support to the employee’s finances, and this makes the millennials feel valued in the company. This is the reason for higher recruitment in companies.
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Segmentation of Market-
The Financial Wellness Program market is further subdivided on the basis of types, applications, and regions.
By Types- For Employers and For Employees
The employer’s sector is predicted to grow at a considerable CAGR and hold a large market share in the market.
By Application- Large Enterprises and SME’s
The Large enterprise sector holds the largest market shares as compared to SME’s.
By Region- Europe, North America, Asia-Pacific, Latin America, and the Middle East and Africa.
North America holds the largest market share in the financial wellness program market and will continue to dominate the market throughout the forecast period.
Financial Wellness Program- Key Players
Mercer
Fidelity
Prudential
Morgan Stanley
Bridge Credit Union
Health Advocate
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