Our savings nudges are built upon behavioral finance findings and techniques – incorporating participant and plan specific data to provide a personalized and actionable vehicle to increase retirement readiness. Relevant education is provided within the feature for participants requiring more information prior to executing their recommended “call to action.”
The business need or opportunity
Employer sponsored retirement plans stand at a crucial juncture. For the first time, the annual Gallup Economy and Personal Finance survey has found that a majority of non-retired Americans, 52%, doubt they will have enough money to live comfortably in retirement. This was not surprising to us as a retirement plan provider, and in line with what we recognize as one of the biggest challenges we face—getting retirement plan participants to do the right thing when it comes to saving for their retirement.
Vanguard’s mission to drive positive outcomes for our 3.6 million retirement plan participants has never been more important. But we face a number of challenges in our pursuit of that goal.More