As a society, we are inundated with more information than ever before through computers and mobile devices. Behavioral scientists say this wealth of data is creating a scarcity of attention, and the speed at which we process information online may not lead us to make the right decisions, particularly with our retirement plans. This only adds to the greater retirement-security challenge that Americans face.
New research from Voya Financial’s Behavioral Finance Institute for Innovation found that 90% of workplace savings plans are not “on track,” meaning the average projected retirement income of participants in those plans is below 70% of their working income. This is because most people are not making thoughtful investment decisions. We can tell this by looking at their online retirement plan activity — the time they spend on their plan’s website, the information they gather and the trade-offs they make.
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