About Workplace Financial Wellness Program
Workplace financial wellness program helps companies to maintain employee wellbeing and increase their asset-building finances by reducing money-related stress. Increasing layoffs and cuts during the coronavirus outburst have caused a new financial burden on the employees. Many companies are using financial wellness software for planning financial goals, debt management, and money management coaching. This software comes with budgeting tools and reporting and analytics features that help businesses to improve employee engagement, retention, and productivity.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market in the near future. Players are anticipated to focus on the development of new compounds, which is likely to encourage the growth of the global market throughout the forecast period. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Workplace Financial Wellness Program market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Mentoro (United States), Questis (United States), SmartDollar (RamseySolutions) (United States), Ernst & Young (United Kingdom), Spring (United States), Best Money Moves LLC (United States), FinFit (United States), iGrad LLC - Enrich (United States), Brightside Benefit, Inc. (United States) and Summer PBC (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Workplace Financial Wellness Program market by and Region.
On the basis of geography, the market of Workplace Financial Wellness Program has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Components, the sub-segment i.e. Software will boost the Workplace Financial Wellness Program market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Enterprise Size, the sub-segment i.e. Small & Medium Enterprises will boost the Workplace Financial Wellness Program market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment, the sub-segment i.e. Cloud-based will boost the Workplace Financial Wellness Program market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increased Focus on the Personalized Employee Financial Wellness Plans by the Employers
Market Growth Drivers:
Importance of Employees Financial Wellness in Post Covid Time and Increased Adoption of Financial Wellness Programs in Large Organizations to Reduce the Financial Stress on Employees
Challenges:
High Cost of Maintaining Financial Wellness Program and Complexity in the Administration
Restraints:
Less Adoption of Financial Wellness Program by Small Businesses and Startups
Opportunities:
Growing Popularity of Financial Wellness Programs in the Developed Countries like the US
Market Leaders and their expansionary development strategies
In April 2023, FinFit merged with Salary Finance U.S. The combined organization would operate under the FinFit brand, with the updated platform including Salary Finance U.S.'s financial wellness products. Additionally, the resulting organization would service over 500,000 U.S. employers and over 10 million U.S. employees.
In December 2022, Lincoln Financial Group’s Workplace Solutions business expanded its financial wellness program with the launch of a new marketplace that connects individuals with partner companies that offer solutions to help improve financial wellness.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Workforce Financial Wellness Program Solutions & Service Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.