US Financial Wellness Consumer Report 2022
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This report provides comprehensive and current information and analysis of the US Financial Wellness market including financial wellness market size, anticipated market forecast, relevant market segmentation, and industry trends for the Financial Wellness market in the US.
Current market landscape
Financial wellness is an area of increasing relevance as consumers adopt a more comprehensive view of wellness that extends beyond their direct health and emotional state. 75% of consumers agree that their financial wellness impacts their overall health, demonstrating a clear link between one’s relationship with their financial behaviors and their ability to thrive physically and mentally. The pandemic intensified consumers’ awareness of their financial stressors through its continuing macroeconomic effects, prompting many financial institutions to respond with tools to help their customers proactively navigate the shifting environment with confidence.
Future market trends in US financial wellness
As many challenger banks highlight financial education, financial institutions will have to thread the needle of continuing to reap profits from their customers while being transparent about the ramifications of financial decisions. However, the long-term scope of financial wellness may create an opportunity for banks to emphasize lifelong partnerships with clients rather than purely transactional relationships.
Read on to discover more about the US Financial Wellness consumer market, read our Consumers and Investing – US – 2022, or take a look at our other Financial Services research reports.
Quickly understand the financial wellness market
- The impact of COVID-19 on consumer behavior and attitudes toward financial wellness.
- Consumer financial concerns and desired forms of support.
- Channel preference and timing preference for wellness information.
- Generational divergences in approach to financial wellness.
Covered in this financial wellness market report
Brands include: American Express, Bank of America, Chime, Facebook, Ally Financial, Acorns, Calm, HSBC.
Expert analysis from a specialist in the field
This report, written by Patrick Rahlfs, a leading analyst in the Finance sector, delivers in-depth commentary and analysis of the Financial Wellness Industry to highlight current trends and add expert context to the numbers.
Financial wellness lies at the intersection between consumers’ current financial state and their forward-looking goals and concerns. The rooting of financial wellness in education and financial literacy empowers consumers to gain a fuller understanding of their individual financial situations and confidently set personal targets for their futures. With the pandemic exacerbating many of the stressors that consumers often feel toward their financial situations, institutions that provide financial wellness tools offer their customers an avenue to effectively manage their fluctuating concerns and regain control over their dynamic financial goals.
Patrick Rahlfs
Senior Finance Research Analyst
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Overview
- What you need to know
- This Report looks at the following areas
- Definition
- Market context
- Economic and other assumptions
- COVID-19: US context
- What you need to know
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Executive Summary
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- Top takeaways
- Wellness is a personal undertaking and thus highly individualized
- Figure 1: Desired support from banks, 2021
- Education opportunities and concerns are highest early in consumers’ financial lives
- Sharing the burden of proactivity is essential in building financial wellness relationships
- Figure 2: Financial wellness channels, 2021
- Market overview
- Impact of COVID-19 on financial wellness
- Figure 3: Short-, medium- and long-term impact of COVID-19 on financial wellness, March 2022
- Opportunities and challenges
- Expectations are low, but trust is high – go above and beyond
- Consumers are perceptive to trustworthiness of channels
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Market Size
- 95% of US consumers own financial accounts
- Figure 4: Financial product ownership, 2021
- Impact of COVID-19 on financial wellness
- Figure 5: effects of COVID-19 on financial wellness, 2021
- 95% of US consumers own financial accounts
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Market Factors
- Unemployment rates decline despite modest increase in jobs
- Figure 6: unemployment and underemployment rates
- “The Great Resignation” peaked in late 2021
- Figure 7: Resignation rate
- Mortgage debts are rising, while credit card debts have stagnated
- Figure 8: Year-over-year change in debt totals
- Debt totals spike with consumers aged 40-49
- Figure 9: Debt share by age group
- Unemployment rates decline despite modest increase in jobs
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Competitive Strategies
- Financial brands offer savings and discounts on wellness opportunities
- Figure 10: American express platinum paid facebook ad, 2022
- Planning tools allow for personalized financial pursuits
- Figure 11: Bank of America Life Plan, 2022
- Banks eliminate overdraft fees
- Figure 12: Chime paid facebook ad, 2022
- Acorns ties in wellness with investing
- Figure 13: Acorns paid facebook ad, 2022
- Financial brands offer savings and discounts on wellness opportunities
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Market Opportunities
- The collective experience of the pandemic allows wellness messaging to resonate
- Holistic partnerships can establish brands as more than just financial backers
- The collective experience of the pandemic allows wellness messaging to resonate
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The Consumer – Key Takeaways
- Younger consumers have a greater interest in financial tools and education
- Digital channels are key for disseminating wellness information
- Consumers turn to personal sources for financial advice
- Savings concerns outrank debt among consumers’ top worries
- Financial stress is a reality, even for confident consumers
- Younger consumers have a greater interest in financial tools and education
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Forms of Financial Support
- Consumers seek monitoring services to avoid negative situations
- Figure 14: Desired support from banks, 2021
- Younger consumers seek education; older consumers want the basics
- Figure 15: Desired support from banks by generation, 2021
- Consumers seek monitoring services to avoid negative situations
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Financial Wellness Channels
- Consumers prefer digital channels for financial wellness advice
- Figure 16: Financial wellness channels, 2021
- Younger consumers look for financial wellness advice in apps
- Figure 17: Financial wellness channels by generation, 2021
- Consumers prefer digital channels for financial wellness advice
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Sources of Financial Support
- Personal sources trump all for financial advice
- Figure 18: Financial advice sources, 2021
- Social media remains unpopular as a source for financial advice
- Figure 19: Social media as a financial advice source, 2021
- Lower income consumers turn to their banks before online searches
- Figure 20: Financial advice sources by income, 2021
- Personal sources trump all for financial advice
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Financial Concerns
- Savings tops the list of financial concerns
- Figure 21: Financial concerns, 2021
- Top concerns shift from immediate to long-term with age
- Figure 22: Financial concerns by generation, 2021
- Savings tops the list of financial concerns
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Timing of Financial Advice
- There is no one-size-fits-all timing to receive financial advice
- Figure 23: Timing of financial advice, 2021
- Struggling consumers need time-sensitive advice
- Figure 24: Timing of financial advice by financial situation, 2021
- There is no one-size-fits-all timing to receive financial advice
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Attitudes toward Financial Wellness
- Consumers are confident in their financial management, but often still stressed
- Figure 25: Attitudes toward financial wellness, 2021
- Young consumers are both less confident and more impacted by finances
- Figure 26: Attitudes toward financial wellness by generation, 2021
- Lower income consumers view banks more favorably, while higher earners trust more in employers
- Figure 27: Attitudes toward banks and employers by income, 2021
- Consumers are confident in their financial management, but often still stressed
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Appendix – Data Sources and Abbreviations
- Consumer survey data
- Marketing creative
- Abbreviations and terms
- Abbreviations
- Consumer survey data
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