Data Analytics - An Emerging Trend in the Financial Wellness Market | Arizton

Changing work paradigms and rising financial wellness incentives are likely to boost the financial wellness benefits market in US.
 
CHICAGO - May 10, 2019 - PRLog -- Arizton's recent market research report on the financial wellness market in the US identifies Prudential Financial, Bank of America Merill Lynch, Fidelity, Mercer, and Financial Finesse as the leading vendors that are likely to dominate the market during the forecast period. This research report provides detailed market segmentation by type (financial planning, financial education and counseling, retirement planning, debt management, and others), end-users (large businesses, medium-sized businesses, and small-sized businesses), and delivery (one-on-one, online/digital, and group).

The financial wellness market in the US is expected to reach over $825 million by 2024, growing at a CAGR of more than 12% during 2018–2024.

Best Money Moves enables employers to identify the source of financial stress through Stressometer, which measures several types of stress, ranging from bankruptcy to student loans, thereby providing the custom content on how to navigate pitfalls.

Request for a Free Sample!

The top three drivers and trends propelling the financial wellness market in the US are discussed below:

Changing Work Paradigms

Organizations are changing the way they function. The workforce has become fluid and agile, and working remotely is becoming a way of life, far from the likes of the corporate corridor navigating employee. Also, the increase in temporary/part-time workers and the decline in unionization have reduced the bargaining power of workers. The gig economy in the US already comprises 60 million workers, and contract workers are expected to account for a majority of the workforce by 2027. While corporates are going through a phase of growing profits, employees are working harder with no significant increase in wages (average growth in earning is still 3%), largely stagnating incomes. Finances have become a major stressor due to the lack of increase in wages. Employers are required to respond to these new realities by proactively providing appropriate financial security and solutions.

Data Analytics in Financial Wellness

With data-driven decision making becoming the need of the hour in the rest of the corporate wellnessstate, financial wellness is getting a start. As the industry has evolved beyond measuring basic financial security to become more deep-seated in the work culture, data analytics and technology are beginning to play a role. There is increasing use of data planning for the financial wellness strategy, which is enabling the development of an evidence base for workforce finance needs. Employers or wellness vendors are reviewing productivity data and employee information such as demographics and workforce dynamics to gather insights into what motivates behavior at a specific financial moment. John Hancock, a life insurance company, used the third-party data from KBM Group and Bureau of Labor Statistics to enhance understanding of its participants for a client. It learned that employees that kept opting out of auto-enrollment were mid-career people or single mothers that faced financial stress returning to the workforce.

Onus is on Employers

Employers have the advantage of reaching huge swathes of employees economically, in a space where they make important financial decisions regarding life and health insurance, retirement, specialized savings accounts, and others. Unlike health and wellness, which tend to be more personal, employees often tend to vest the care of their financial wellness on employers – which is unsurprising since employers are also the ones doling out the checks and have been helping employees save for their retirement for the longest time. It is, therefore, a natural progression to wellness. They are more aware of their role in investing in their employees' financial wellness and it behooves employers to support them. About 65% of the employees state that they are relying on the employer for assistance in gaining security via benefits. This is driving affinity for financial wellness benefits and creating elevated levels of activity in the market in terms of deployment of programs.

A few other prominent vendors in the financial wellness market in the US are Aduro, AYCO, Beacon Health Options, Best Money Moves, BrightDime, DHS Group, Edukate, Enrich, Even, Financial Fitness Group, HealthCheck360, Health Advocate, Money Starts Here, PayActiv, Purchasing Power, Ramsey Solutions, Sum180, and Transamerica.

Request for a Free Sample! (https://www.arizton.com/market-reports/us-financial-welln...)

The complete overview of the latest market research report on the  US financial wellness market (https://www.arizton.com/market-reports/us-financial-welln...) by Arizton is now available.

The report offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.

About Arizton

Arizton – Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.

Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.

Media Contact
Jessica
enquiry@arizton.com
3122352040
End
Source: » Follow
Email:***@arizton.com
Posted By:***@arizton.com Email Verified
Tags:Financial Wellness
Industry:Financial
Location:Chicago - Illinois - United States
Subject:Reports
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse
Arizton Advisory & Intelligence News
Trending
Most Viewed
Daily News



Like PRLog?
9K2K1K
Click to Share