The Voya Behavioral Finance Institute for Innovation
From insights to impact
Our research explores how people think, decide and act when it comes to their finances, uncovering insights that help drive more effective financial outcomes.
From research to results: Behavioral science at work
Participants reached1
Participants took positive action2
Higher savings rates3
Growth in employer adoption of behaviorally informed plan design4
Savings rate parity achieved5
A decade of using behavioral science to help drive outcomes
Behavioral science is at the core of what we do. Since 2016, the Voya Behavioral Finance (BeFi) Institute for Innovation has advanced research on the behaviors that influence financial decision-making. By working with behavioral scientists and academics in the industry, we develop strategies and solutions that help to optimize benefits design and encourage stronger financial security for the people we serve.
How this work makes an impact
As research is conducted, valuable findings are implemented into the plan experiences we offer. Our goal is to help simplify benefits decision-making, and help make the right choice the easy choice for participants.
This reflects our commitment to helping individuals grow their financial confidence, leading to a stronger sense of financial well-being.
How research shapes our approach
Using science-based engagement strategies, we help participants stay on track and improve long-term outcomes.
We connect with participants through targeted, behaviorally informed engagement strategies designed to encourage action, confidence and long-term financial well-being.
We curate digital experiences informed by research that encourage action from day one, helping make the right choice the easy choice for participants.
The latest research from the Institute
Bridging the gap between retirement saving and income
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 by making them clearer, more visible and easier to act on, and by framing them as active benefits participants already have access to, can help connect employees to retirement income options.
Featured insights
Over the past decade, the Institute has turned research, analytics and behavioral insight into improved experiences and benefits design that help make the better financial choice the easier choice for those we serve. Together with our clients, we’re building on what we’ve learned to shape the next generation of innovations that help more people feel confident, take action and achieve better financial outcomes.
People need financial experiences that align attention with intention and that turn good intentions into action. Our Institute has used behavioral science and real-world experimentation to close those gaps, showing that behaviorally informed interventions across plan design and digital experiences can meaningfully improve financial outcomes. Looking forward, AI-enabled personalization will help each person take their next best step toward building financial resilience.
- Participants who engaged with behaviorally-informed experiences (e.g., smarter defaults, rate escalate, contribution reframing, save more and restart savings email campaigns, personalized projections, managed account nudges, account consolidation nudges, and personalized videos) by using Voya Enroll or PWEB at any point from 12/31/16 to 6/30/26.
- Taking action is defined by the distinct count of participants who took at least one positive action during the same time period (e.g., enrolled via Voya Enroll; increased their savings or dollar election; enrolled in managed accounts; consolidated assets).
- Based on Beshears, Mason, and Benartzi, How to Choose a Default (2022); Bhargava, Conell-Price, Mason, and Benartzi, Save(d) by Design (2021 Working Paper).
- Based on Voya proprietary data.
- Based on Ngnoumen, Asbury, & Nguyen, Pennies Dropped; Dollars Raised: Using Information Architecture to Increase Retirement Savings (2025 Working Paper).
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