Voya Investment Management survey finds employers think their workforce is on track for retirement, but employees say otherwise - Seite 2

Voya IM’s research also revealed that retirement preparedness has a direct impact on an individual’s overall financial confidence. Voya’s research uncovered an opportunity for plan sponsors and specialists to offer more education and solutions when it comes to generating income and becoming prepared in retirement.

This is relevant as nearly 90% of participants said they are somewhat or very interested in retirement income solutions and an investment option which helps provide income during retirement (87%) and help to understand how to generate income in retirement so that they can maintain their current lifestyle (87%).

An opportunity exists for specialists and sponsors to boost guidance and education to improve outcomes

Participants’ interest in several products and services (including support for transition to retirement, auto features and support for caregivers) indicates that there is demand for additional decision support for retirement planning, and is also an opportunity for sponsors and specialists to adopt and promote these services within their retirement plan features to help drive greater financial outcomes for participants. This is proven even more important for the role of the employer as a majority (82%) of participants trust the retirement planning services offered to them by their employer and are confident that the retirement plan offered through their employer will help them achieve their retirement goals. In addition, 87% are also more likely to stay with their employer if they offer competitive retirement planning services and products.

About the survey:

From mid-February to early March 2023, Voya IM repeated its online survey of retirement plan sponsors to take the temperature of the retirement landscape. The survey sought feedback on a range of concerns such as plan support, investments, participant support, regulatory and compliance issues and plan costs and fees. Previous waves of the survey were conducted in March 2021, December 2018 and April 2016. The survey was expanded in 2023 to include contributing participants for the first time to better understand their perspectives on issues such as retirement readiness, investing, and financial confidence.