OpenIDEO is an open innovation platform. Join our global community to solve big challenges for social good. Sign up, Login or Learn more

Research Institute Launches Behavioral Finance Institute

Voya is aiming to improve retirement outcomes by examining how individuals make decisions.

Photo of Joanna Spoth
2 2

Written by

[[See the full article here.]]

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."

What is a provocation or insight that might inspire others during this challenge?

How do we envision this research and strategy playing out? I'm interested in how Voya might integrate big data into real, user-based solutions. I'm also curious about their timeline!

Specifically, please check all that apply:

  • I'm currently a member of a credit union

2 comments

Join the conversation:

Comment
Photo of Kate Rushton

Hi Joanna! Great post! Is this the website for the Behavioural Finance Insitute - https://forprofessionals.voya.com/research-insights/behavioral-finance ? Would you be able to insert a link into your post so we can keep an eye on any new developments published on their site?

Photo of Joanna Spoth

Hi Kate! The article is hyperlinked in the top and here's the full link: http://www.prnewswire.com/news-releases/voya-financial-launches-behavioral-finance-institute-for-innovation-300346819.html