Enhancing financial decision-making using visual imagery

Voya’s Behavioral Finance Institute for Innovation examined the impact of imagery on investors’ decisions. The research, published in the 2025 Behavioral Economics Guide, demonstrates how imagery that leverages GenAI to address barriers to financial advice-seeking can influence decisions to adopt financial guidance and optimize investment allocation decisions. Retirement plans and organizations can use these insights to help improve their benefits experiences.

Check Out The Research

Key takeaways

These findings highlight three opportunities for improving benefits design.

Using Visual Imagery to Drive Engagement

Employee benefits programs can boost participation by incorporating imagery that directly addresses common psychological barriers and motivates action.

Managing Overconfidence in Financial Choices

Tailored messaging and visuals can help overly confident employees pause, reflect and make more informed financial decisions by encouraging them to seek guidance and consider alternatives.

Improving Retirement Plan Decisions Through Guidance

This research shows that providing guidance during the 401(k)-enrollment process can lead to better investment choices.

About The Behavioral Finance Institute (BeFi)

Dr. Ngnoumen is AVP of Behavioral Finance Research at Voya Financial where she leads behavioral science research and experimentation to help people boost their savings and benefits utilization.

Since its inception in 2016, the Voya Behavioral Finance Institute for Innovation has conducted research focused on improving the financial well-being and outcomes of those it serves. The Institute works with leading scientists and organizations to advance knowledge in areas closely aligned with Voya’s workplace strategy, which is centered on addressing customers’ health, wealth and investment needs through the workplace and institutions.