The power of messaging in retirement income decisions
See how targeted and behaviorally informed messaging can help participants get more value from the benefits they already have
August 18, 2026
Helping defined contribution retirement plan participants accumulate savings is only half the retirement equation; converting those savings into sustainable income is the other critical half. New research from Voya’s Behavioral Finance (BeFi) Institute for Innovation offers plan sponsors and financial professionals a practical, evidence-based roadmap for closing that gap.
What the team researched
Voya’s BeFi team set out to understand how targeted and behaviorally informed messaging could improve awareness and adoption of installment withdrawal features.
- The study involved more than 2,600 participants aged 55 and older in Voya-administered retirement plans.
- Each participant was shown one of three messaging frames describing the installment withdrawal feature, delivered at the top of a digital page that pre-retirees frequently visit.
- Researchers set out to determine which framing style most effectively encouraged engagement with and adoption of the features.
What they discovered
The findings uncovered that presenting installment withdrawal features as an active benefit participants already had access to significantly outperformed the alternative messaging styles.
The study also revealed the benefits of tailoring messaging based on the audience, rather than a one-size-fits-all communication approach.
Key takeaways for plan sponsors and advisors
Plan sponsors don’t need to wait for a perfect solution to help participants move confidently from saving to generating income generation. By applying behavioral insights to the features already in place, employers and advisors can bridge a critical gap in the retirement journey, one timely message at a time.
Interested in viewing the data and results?
Read the full research to see how small changes in communication can make a measurable difference.
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.
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