Financial Wellness Software Market Report 2024

The financial wellness software market size has grown rapidly in recent years. It will grow from $2.41 billion in 2023 to $2.68 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth during the historic period can be attributed to employers recognizing the importance of financial wellness, a heightened focus on employee well-being, increasing personal debt levels, regulatory support and incentives, and a shift towards digital transformation.

The financial wellness software market size is expected to see rapid growth in the next few years. It will grow to $4.12 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The anticipated growth during the forecast period can be attributed to increasing financial literacy, a rising demand for comprehensive financial wellness solutions, greater adoption of mobile-friendly financial wellness apps, growing financial stress, and expanding debt management programs. Major trends for this period include the integration of extended reality (XR), the expansion of edge computing, customization for diverse demographic needs, innovations in cybersecurity and hyper-automation, and the use of robotic process automation (RPA).

The growing financial stress is expected to drive the expansion of the financial wellness software market. Financial stress refers to the emotional strain and pressure individuals or households experience due to financial difficulties or uncertainties. The increase in financial stress is caused by factors such as economic uncertainty, high personal debt, rising living costs, job insecurity, lack of financial literacy, escalating healthcare costs, societal pressures, and psychological factors. Financial wellness software helps mitigate financial stress by providing personalized action plans, benchmarking insights, financial planning tools, and access to coaching, thereby improving financial health and reducing stress levels. For example, in November 2022, a report from the Australian National University, an Australian-based non-governmental organization, noted that the proportion of Australians considering price rises a major issue grew from 37.4% in January 2022 to 56.9% by October 2022. Thus, increasing financial stress is driving the growth of the financial wellness software market.

Leading companies in the financial wellness software market are focusing on developing advanced solutions, such as AI-driven virtual coaches, to enhance personalized financial wellness by offering tailored financial guidance and support. An AI-driven virtual coach for personalized financial wellness is a sophisticated digital tool that uses artificial intelligence (AI) to provide customized financial advice and support. This software utilizes machine learning, data analysis, and natural language processing to offer personalized insights based on a user’s unique financial situation, goals, and behaviors. For instance, in May 2021, Ascensus LLC, a US-based financial services company, launched Aimee, an AI-driven virtual coach designed to offer personalized financial wellness guidance to employees participating in retirement plans. Developed in partnership with Financial Finesse, a US-based provider of unbiased financial wellness benefits, Aimee uses machine learning to deliver real-time, tailored advice, helping users build short-term financial resilience while focusing on long-term goals. This launch underscores Ascensus’s commitment to integrating advanced technology into its services to enhance financial wellness for retirement plan advisors and empower employees to achieve financial security.

In February 2024, Aztec Software LLC, a US-based software company, acquired Financial Fitness Group for an undisclosed amount. This acquisition aims to develop a more comprehensive financial education platform by integrating Financial Fitness Group's interactive financial wellness solutions with iGrad’s established educational resources. This merger aligns with their shared mission to enhance financial literacy and wellness across various sectors. Financial Fitness Group is a US-based developer of online tools and software applications focused on financial health.

Major companies operating in the financial wellness software market are Intuit Inc., Voya Financial Inc., Alight Solutions LLC, MoneyLion Inc., PlanSource Holdings Inc., DailyPay Inc., Wealthfront Corporation, PayActiv Inc., Tapcheck Inc., Wellable Labs Inc., ZayZoon Inc., BrightPlan LLC, Ramsey Solutions SmartDollar, SmartPath, Aztec Software, Sum180 Inc., LearnLux Inc., Savology Inc., Edukate Inc., LearnLux Inc., Your Money Line Inc., Best Money Moves LLC, HoneyBee HR Inc., Enrich Financial Wellness Inc., BrightDime Inc.

North America was the largest region in the financial wellness software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the financial wellness software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the financial wellness software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Financial wellness software is an application designed to help individuals and organizations effectively manage their financial health. It offers tools and resources for budgeting, saving, investing, debt management, and overall financial planning. The goal of financial wellness software is to improve users' financial literacy, encourage responsible financial behaviors, and assist in achieving financial goals.

The main types of financial wellness software are on-premise, cloud-based, and web-based. On-premise financial wellness software refers to applications and tools installed and operated on an organization’s local servers and infrastructure. This type of software is suitable for small businesses, midsize enterprises, large enterprises, and other organizations, serving end users such as corporations, institutions, governments, and others.

The financial wellness software market research report is one of a series of new reports that provides financial wellness software market statistics, including financial wellness software industry global market size, regional shares, competitors with a financial wellness software market share, detailed financial wellness software market segments, market trends and opportunities, and any further data you may need to thrive in the financial wellness software industry. This financial wellness software market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The financial wellness software market consists of revenues earned by entities by providing services such as financial planning, investment tracking, debt management, retirement planning, and financial education. The market value includes the value of related goods sold by the service provider or included within the service offering. The financial wellness software market also includes sales of financial planning software, budgeting tools, investment tracking software, retirement planning tools, and financial education platforms. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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