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Through a series of studies, Voya will test new concepts that have potential to translate into large-scale solutions that help people save more and achieve better retirement outcomes. What adds an interesting layer onto this is that Voya claims this strategy is different because of its ability to merge behavioral science with the speed and scale of the digital world.
Their research will examine how to improve outcomes in areas such as savings rates, participation in workplace plans, portfolio diversification, creating sufficient retirement income and preventing money from prematurely leaving retirement plans (when participants cash out their savings after changing jobs).
Charlie Nelson, chief executive officer of Retirement for Voya Financial stated, "We believe there is even greater opportunity today to improve savings rates with the data and insights available from phone and advisor interactions, as well as digital tools such as retirement plan websites, mobile devices and apps."