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.
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