Voya Financial’s Behavioral Finance Institute for Innovation is a new research initiative focused on gaining deeper insights into the behaviors and decisions of Americans regarding their workplace retirement plans and broader financial planning activities. To launch the Institute, Voya teamed up with renowned behavioral economist Shlomo Benartzi, professor and co-chair of the Behavioral Decision-Making Group at UCLA Anderson School of Management, and John W. Payne, a professor from Duke University’s The Fuqua School of Business.
Through a series of pioneering studies, the goal of the Institute is to test novel concepts that could translate into large-scale solutions to help people save more and achieve better retirement outcomes.
For more information on Voya’s Behavioral Finance Institute for Innovation, visit Voya.com/BehavioralFinance.
In support of the Institute, professor Benartzi wrote the Institute’s first white paper, examining the two primary methods people use to make decisions. By analyzing these decision styles, data collected from the online activities of retirement plan participants can inform a sponsor about the overall “health” of its plan and the actions it might want to take to place participants on a more effective course.
The full white paper can be accessed through the link below.
Separate from the research of the Institute and Benartzi’s white paper, to support Voya’s public relations and marketing efforts, Voya conducted a brief omnibus poll to gain consumer insights on retirement plan behaviors and decision-making.
The full survey and findings can be accessed through the link below.
Insights into Retirement Planning Behavior
Would you rather wait in line at the DMV or review your retirement plan decisions?
Which of the following activities would you put off the longest due to the amount of thinking required?
Do you spend enough time on important retirement plan decisions?
What items have you reviewed or made adjustments to in the last year?
Have you reviewed or adjusted your retirement plan after a major life event?
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