Voya Financial Inc. on Tuesday launched the Voya Behavioral Finance Institute for Innovation, an effort to gain insight regarding Americans’ retirement planning and decision-making.
The Windsor-based firm says the institute will undertake studies aimed at testing novel concepts that could translate into large-scale products to help people save more and achieve better retirement outcomes. The institute’s work will combine behavioral science with the speed and scale of the digital world.
The company has teamed up with renowned behavioral economist Shlomo Benartzi, professor and co-chair of the Behavioral Decision-Making Group at UCLA Anderson School of Management, who is serving as a senior academic advisor. Voya is also engaging several other leading academics.
The institute also plans to collaborate with Voya’s employer clients and distributors to bring concepts to life in a manner that best serves plan participants. Some of the issues to be addressed include savings rates, participation in workplace retirement plans, and creating enough retirement income.
