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Economists, financial planners and employers have long debated how to encourage lower-income workers to change their savings behavior. Part of the answer may be as simple as reframing the way in which savings plans are presented. That's according to a report from Voya Financial about a new field study by university researchers that involved more than 2,200 working individuals across dozens of organizations.
"While the industry has seen great success helping people save more for their retirement through 'auto' features like automatic enrollment and auto-escalation, we know that these tools are not feasible for all plans or individuals," said Charlie Nelson, vice chairman and chief growth officer at Voya Financial.
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