Categories: Market Research

Financial Wellness Program Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Financial Wellness Program Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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https://www.thebusinessresearchcompany.com/report/financial-wellness-program-global-market-report

According to The Business Research Company’s Financial Wellness Program Global Market Report 2024, The financial wellness program market size has grown rapidly in recent years. It will grow from $2.04 billion in 2023 to $2.34 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to employee productivity concerns, rising healthcare costs, employee retention strategies, shift in retirement planning, increased student loan debt.

The financial wellness program market size is expected to see rapid growth in the next few years. It will grow to $3.83 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The growth in the forecast period can be attributed to financial literacy gaps, global economic uncertainty, remote and hybrid work models, integration with mental health programs, personalized financial planning. Major trends in the forecast period include ai-driven financial coaching, blockchain for financial transactions, integration with esg, gamification for financial education.

Increasing awareness of financial stress is the key trend gaining popularity in the financial wellness program market going forward. Financial stress is the condition that results from financial or economic events that cause anxiety, fear, or a sense of scarcity. The financial wellness programs assist in lowering financial stress and enhancing overall financial well-being. These programs provide various services and materials to address many facets of sound financial management, such as budgeting, saving, debt management, and financial education. For instance, in April 2023, according to CNBC’s Survey among 4,336 adults on Financial Confidence found that 70% of Americans feel financially stressed, with 52% saying their financial stress has increased since before the COVID-19 pandemic. Therefore, the increasing awareness of financial stress will boost the financial wellness program market.

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The financial wellness program market covered in this report is segmented –

1) By Type: For Employers, For Employees

2) By Program: Financial Planning, Financial Education And Counseling, Retirement Planning, Debt Management, Other Programs

3) By Application: Large Enterprises, Small And Medium Enterprises

Technology integration is a key trend gaining popularity in the financial wellness program market. Major companies operating in the financial wellness program market are adopting new technologies to sustain their position in the market. For instance, in February 2021, BrightPlan LLC, a US-based financial wellness solution provider, launched the BrightPlan Total Financial Wellness Calculator. This innovative online tool assists businesses in calculating the overall value and return on investment (ROI) of providing financial wellness benefits to their workforce. Also, it shows the potential quantifiable benefits of investing in employee financial well-being for both firms and employees.

The financial wellness program market report table of contents includes: