New Voya behavioral finance research — 2026

New research by Voya’s Behavioral Finance Institute for Innovation, published in the 2026 Behavioral Economics Guide, demonstrates that improving communication about existing retirement plan features to make them clearer, more visible, easier to act on, and framing them as active benefits participants already have access to can help connect employees to retirement income options. 

What the Institute explored

As the retirement landscape shifts from pensions to participant-directed plans, more responsibility falls on individuals to turn their savings into sustainable income. Yet, many participants, especially those nearing retirement, struggle with this transition. The study explored how simple changes in communication can help. 

The research focused on installment withdrawal features, which enable participants to convert savings into regular, paycheck-like income during retirement. While widely available and highly effective, these features are often underused due to limited awareness, low visibility and behavioral barriers. 

The field study findings

In a field study of more than 2,600 participants age 55+, Voya tested how different messaging approaches influenced engagement and found that how retirement income options are presented matters. 

Based on these findings, Voya has updated the participant experience for select plans to highlight eligible participants’ existing access to built-in retirement income features.

For plan sponsors, the implications are practical and actionable. Improving participant outcomes doesn’t necessarily require adding new plan features. Instead, optimizing how existing capabilities are communicated can make a meaningful difference.

By applying behavioral science to communication design, plan sponsors can help participants move from saving to income with greater confidence and can improve retirement readiness across their workforce.

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.

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