Target-date funds are becoming more mainstream, and retirement plan participants are putting more money into them than into other options as well as feeling more confident that they will meet their retirement goals.

That's according to a survey from Voya Investment Management, which found that participants are more accepting of TDFs as they better understand their features. In addition, millennials are more interested in them than GenXers or boomers—"likely," according to the report, "because they have been introduced to them from the very beginning of their careers."

Plan participants who use TDFs are more likely to save more—28 percent of TDF participants said they are contributing more than 11 percent of their income into TDFs, compared to just 14 percent of non-TDF users who save as much.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and events
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.