Voya Financial Inc. has launched a new institute to research Americans’ behavior about their finances, Voya announced Tuesday.
The Voya Behavioral Finance Institute for Innovation will focus on gaining insights into the behaviors and decisions of Americans regarding their financial and retirement planning activities, says Voya.
Shlomo Benartzi, professor and co-chair of the Behavioral Decision-Making Group at UCLA Anderson School of Management, will serve as a senior academic advisor for the Institute. Professor John W. Payne from Duke University's Fuqua School of Business will be an advisor to the Institute and Rick Mason, senior advisor at Voya Financial, will coordinate the efforts for the company.
The Institute’s research will examine how to improve outcomes in areas such as savings rates, participation in workplace plans, portfolio diversification, creating sufficient retirement income and preventing money from prematurely leaving retirement plans.
“By leveraging the latest academic research, the Voya Behavioral Finance Institute for Innovation has the potential to help millions of Americans improve their long-term financial security,” says Benartzi. “Scientists have learned a tremendous amount about how people make decisions. With this knowledge and the Institute's unique approach, we can make a difference and help people ‘get it right’ when it comes to their retirement.”