How do plan participants make retirement decisions?

Do your participants make thoughtful retirement savings decisions, or do they make selections on the fly?

According to the research by the Voya Behavioral Finance Institute for Innovation, one’s thinking style is highly correlated with retirement outcomes; participants who rely on a more thoughtful approach to retirement decision-making are more likely to be on a successful path. Likewise, participants that are less thoughtful are more likely to need course-corrections.

Are participants thinking instinctively or reflectively in your plan?


9 out of 10 plans1 are classified by “instinctive decisions,” which correlates to poor retirement outcomes. How are your participants thinking about retirement? 

For the first time, we can discover whether or not plan participants are using a thoughtful process when making retirement decisions. Voya’s Reflection Index2 is capable of diagnosing a person’s decision-making process by measuring three decision-making style indicators:


The Reflection Index score is directly related to retirement outcomes: participants who rely on a more reflective style have a higher income replacement levels (68%).3 Those at lower income replacement levels (56%)3 have most likely made quicker decisions and didn’t fully explore trade-offs. 


Visit to explore more about the science behind our cutting-edge Reflection Index tool. 

Contact your Relationship Manager to learn more about the Reflection Index and how the results can be used to support improved outcomes.                                      

Voya does not offer legal or tax advice. Consult with your tax and legal advisors regarding your individual situation.

Retirement Education Specialists are Registered Representatives of and offer securities through Voya Financial Partners, LLC, member SIPC.

For sponsor use only. Products and services offered through the Voya Financial family of companies.

© 2017 Voya Services Company. All rights reserved. CN00501‐34037‐0619D

1 Voya data from 428 plans with more than 25 participants. Participants with an annual salary below $20,000 or projected income replacement above 200 percent were excluded. Plans with an average Reflection Index below/above 2.0 are categorized as “Instinctive Decisions” / ”Reflective Decisions.” In addition, plans with an average income replacement below/above 70 percent are categorized as “Not on Track” / “On Track.”

2  Voya’s Reflection Index may not be available to all plans

3 Using Decision Styles to Improve Financial Outcomes Whitepaper