- /
- All Industries /
- Finance /
- Financial Services /
- US Financial Wellness Market Report 2022
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
Collapse All
-
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
-
Executive Summary
-
- 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
-
-
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
-
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
-
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
-
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
-
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
-
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
-
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
-
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
-
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
-
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
-
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
-
Appendix – Data Sources and Abbreviations
- Consumer survey data
- Marketing creative
- Abbreviations and terms
- Abbreviations
- Consumer survey data
About the report
Below is a sample report, understand what you are buying.
Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.
Other Popular Reports
US Investment Trends Report 2023
$4,995 (Excl.Tax)
“While the macroeconomic challenges of 2022 have quelled investor confidence, the US has continued to make strides and seen considerable improvements across various areas of its economy. Should...
Find out moreUS Financial Services Market Report 2024
$4,995 (Excl.Tax)
Rising demand for well-rounded financial products will catalyze competition among financial brands in 2024, with non-quantitative features rising to prominence. Patrick Rahlfs, Senior Research Analyst ...
Find out moreUS Health Insurance Market Report 2023
$4,995 (Excl.Tax)
The biggest winners will be insurers that remain innovation-driven while maintaining a customer-centric ethos to ensure long-term and value-filled relationships. Amr Hamdi, Finance Analyst ...
Find out moreUS Credit Cards Market Report 2023
$4,995 (Excl.Tax)
A focus on credit building and openness to annual fees portends expansion at both extremes of the credit card product spectrum. Patrick Rahlfs, Senior Research Analyst ...
Find out moreUS Marketing Financial Services Market Report 2023
$4,995 (Excl.Tax)
“A continued state of economic turbulence brought on by the banking crisis of early 2023 has caused young financial services consumers to grow up fast, interpreting uncertainty as...
Find out moreTrusted by global industry leaders
At Jackman, we believe that powerful strategies are based on human insight. Mintel’s leading-edge reports and insights into consumer attitudes and behaviors are an important input as we develop and execute strategy.
Alana Gavin, VP Research and Insights, Jackman
“Mintel helps us when we want to know something quickly – it provides fast answers to our questions. If we need to get a view of what’s going on in a particular market it’s very useful.
When carrying out background research, I find Mintel an excellent starting point.
The fact that it covers so many markets is a big plus for me– instead of having to buy specialist products in each area we are interested in, especially when we only require a brief view on a particular market, we can go to Mintel for help as a one-stop shop. I find Mintel a useful and valuable resource.”
Ben Zeidler, Director - Research and Analytics, Tenth Wave
“One of the biggest challenges we face is the need to get smart on a business or category real quick.
We are talking to clients who live and breathe their category every day and the expectation is that we will be able to get caught up very quickly, and bring the thinking that can help them.
We need to do that often in a matter of days, so it’s not a small ask. Mintel gives us a very articulate view of category conditions and does so at the speed we need it.”
Jeff White, Business Development Director, Deutsch
We use Mintel Reports, mostly for financial services and ecommerce markets, plus a few retail and technology ones.
It’s mostly me who uses them but if I know someone is working on something specific I will share the relevant reports.
As a leading payments provider, we value additional insights into consumer behaviour, opinions and trends that are shaping the many different markets we operate in. Mintel is a very good and very quick way for us to obtain those insights.
Andrew Neeson, Market Intelligence Manager, VocaLink
Mintel is really good for getting a handle on a particular category quickly. If we are working on a new business pitch in an area we don’t have much experience in, it’s a brilliant way to get up to speed with what’s going on, what’s changing and what the key trends are in any category.
It’s very rare now that anyone will plough through a 200-page report – that’s why the summaries are really useful. We know they are backed up by a lot of detail, so if you need to go into something in more depth you know the information will be all there for you.
Pauline Robson, Managing Partner, Mediacom
