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Financial Wellness Benefits Market to Reach $7.0 billion, Globally, by 2032 at 13.8% CAGR: Allied Market Research
The financial wellness benefits market is driven by an increasing financial stress among individuals, employee retention and productivity, and rising growth in early wage access.
WILMINGTON, Del., Oct. 25, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Financial Wellness Benefits Market by Program (Financial Planning, Financial Education and Counselling, Retirement Planning, Debt Management, and Others), Platform (One-On-One, Online, And Group), and End User (Large Businesses and Small & Medium-Sized Businesses): Global Opportunity Analysis and Industry Forecast, 2023–2032″. According to the report, the global Financial Wellness Benefits industry generated $2 billion in 2022 and is anticipated to generate $7 billion by 2032, witnessing a CAGR of 13.8% from 2023 to 2032.
Financial wellness benefits serve as a marketplace where companies can explore a variety of tools aimed at enhancing their employees’ financial stability. Within this market, businesses discover an array of resources designed to bolster the financial health of their workforce. These resources encompass offerings such as financial education programs, assistance with retirement planning, or the availability of financial advisors. Essentially, it operates as a comprehensive hub for all things related to financial management. Businesses allocate resources to these benefits to empower their employees to flourish financially, alleviate stress, and realize their financial objectives.
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Prime Determinants of Growth
The financial wellness benefits market is driven by an increasing financial stress among individuals, employee retention and productivity, and rising growth in early wage access. However, budget constraints and lack of employee engagement restrain market growth to some extent. Nevertheless, leveraging technology such as AI-driven financial tools and mobile apps will offer ample growth opportunities in the upcoming years.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$2 billion |
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Market Size in 2032 |
$7 billion |
|
CAGR |
13.8 % |
|
No. of Pages in Report |
407 |
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Segments Covered |
Program, Platform, End User, and Region. |
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Drivers |
Increasing financial stress among individuals Employee Retention and Productivity Increasing Growth in Early Wage Access |
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Opportunities |
Leveraging technology such as AI-driven financial tools and mobile apps |
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Restraints |
Budget Constraints Lack of Employee Engagement |
COVID-19 Scenario
- The COVID-19 pandemic had a moderate impact on the financial wellness benefits market. The economic uncertainty and financial hardships caused by the pandemic led to a heightened demand for financial wellness programs. Many employees faced job losses, reduced income, and increased financial stress, making financial wellness benefits more important than ever.
- In addition, the pandemic accelerated the adoption of digital tools and services for managing finances. Consumers increasingly turned to online banking, budgeting apps, and investment platforms. Financial wellness programs adapted by offering more digital resources and tools.
The financial planning segment to maintain its leadership status throughout the forecast period
Based on the program, the financial planning segment held the highest market share in 2022, accounting for nearly one-third of the global financial wellness benefits market revenue and is estimated to maintain its leadership status throughout the forecast period, this was attributed to the demand for financial planning benefits is on the rise as individuals seek to secure their financial futures. Key growth factors include increasing awareness about the importance of financial planning, changes in retirement planning dynamics, and a desire for greater financial literacy. However, the retirement planning segment is projected to manifest the highest CAGR of 17.1% from 2023 to 2032, owing to increased awareness about the importance of retirement planning has led individuals to seek out financial advice and services, boosting the market. Many employers now offer retirement planning as part of their benefits package, making it more accessible to employees, which is expected to positively impact market growth.
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The one-on-one segment to maintain its leadership status throughout the forecast period
Based on the platform, the one-on-one segment held the highest market share in 2022, accounting for nearly half of the global financial wellness benefits market revenue, owing to the growing awareness of the importance of financial well-being in employee retention and productivity is driving employers to invest in such programs. However, the online segment is projected to manifest the highest CAGR of 16.1% from 2022 to 2032, as employers are increasingly adopting online platforms to provide financial education and tools to their employees. The trend towards self-directed learning and the availability of mobile apps further contribute to the growth of online financial wellness benefits. The data collected by online platforms enables personalized financial solutions, tailoring advice, and services to individual needs. This customization drives engagement and trust.
The Large Businesses segment to maintain its leadership status throughout the forecast period
Based on end user, the large businesses segment held the highest market share in 2022, accounting for more than two-thirds of the global Financial Wellness Benefits market revenue, this is attributed to several key factors such as growing awareness of the importance of employee financial well-being in attracting and retaining top talent. In addition, the ongoing trend of remote and flexible work arrangements has highlighted the need for digital financial wellness solutions, which can be easily integrated into large organizations. However, the small and medium-sized businesses segment is projected to manifest the highest CAGR of 15.7% from 2022 to 2032. The availability of cost-effective digital platforms and apps has made it more accessible for SMBs to implement financial wellness initiatives. The trend towards personalized financial solutions and budgeting tools is likely to continue.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share of around two-fifths in terms of revenue in 2022, many employers in North America have recognized the value of financial wellness programs in attracting and retaining talent. They are increasingly offering a wide range of financial wellness benefits as part of their employee benefits packages. However, the Asia-Pacific region is expected to witness the fastest CAGR of 17.4% from 2023 to 2032 and is likely to dominate the market during the forecast period, developed economies, such as Japan, South Korea, and Singapore, employers are increasingly offering comprehensive financial wellness programs. In emerging economies, the focus is often on basic financial education and retirement planning.
Leading Market Players: –
- Aon plc
- Bank of America Corporation
- FMR LLC
- Mercer LLC.
- MetLife Insurance Limited
- Morgan Stanley
- Prudential Financial, Inc.
- Social Finance, Inc.
- The Charles Schwab Corporation
- Virgin Pulse
The report provides a detailed analysis of these key players in the global financial wellness benefits market. These players have adopted different strategies such as expansion, merger, and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key Benefits for Stakeholders
- This financial wellness benefits market report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the financial wellness benefits market forecast from 2022 to 2032 to identify the prevailing financial wellness benefits market opportunity.
- financial wellness benefits market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the financial wellness benefits market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global financial wellness benefits market.
- financial wellness benefits market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as global financial wellness benefits market outlook, key players, market segments, application areas, and market growth strategies.
Financial Wellness Benefits Market Report Highlights
By Program
- Financial Planning
- Financial Education and Counselling
- Retirement Planning
- Debt Management
- Others
By Platform
- One-on-One
- Online
- Group
By End User
- Large Businesses
- Small and Medium-sized Businesses
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
Key Market PlayersThe Charles Schwab Corporation, FMR LLC, Prudential Financial, Inc., Mercer LLC, Advocate Inc. (Nava), Bank of America Corporation, MetLife Insurance Limited, Morgan Stanley, Virgin Pulse, LLC, Aon plc.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high-quality data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
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Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
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Invitation to presentation of EQT AB’s Q1 Announcement 2024 |
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
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- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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