{"id":750860,"date":"2023-04-25T10:20:00","date_gmt":"2023-04-25T14:20:00","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/new-voya-research-uncovers-how-different-employee-communities-think-feel-and-act-when-it-comes-to-saving-for-retirement\/"},"modified":"2023-04-25T10:20:00","modified_gmt":"2023-04-25T14:20:00","slug":"new-voya-research-uncovers-how-different-employee-communities-think-feel-and-act-when-it-comes-to-saving-for-retirement","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/new-voya-research-uncovers-how-different-employee-communities-think-feel-and-act-when-it-comes-to-saving-for-retirement\/","title":{"rendered":"New Voya research uncovers how different employee communities think, feel and act when it comes to saving for retirement"},"content":{"rendered":"

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New Voya research uncovers how different employee communities think, feel and act when it comes to saving for retirement<\/b><\/p>\n

Research finds opportunities for employers to help improve financial outcomes for Black and Latino employees<\/i><\/b><\/p>\n

WINDSOR, Conn.–(BUSINESS WIRE<\/a>)–
\nVoya Financial, Inc. (NYSE: VOYA), is releasing new research detailing how comprehensive diversity, equity and inclusion (DEI) initiatives can help close benefits and savings gaps to improve financial outcomes for Black\/African American (Black) and Hispanic\/Latino (Latino) workers. Further detailed in Voya\u2019s new thought leadership paper: \u201c<\/i>Bringing greater financial equity to the workplace to support everyone\u2019s opportunity for a better financial future<\/i><\/a>,\u201d<\/i> the innovative DEI research analysis was conducted with Voya\u2019s own plan sponsor clients to help employers deliver greater access and improved financial solutions for all their employees. Among many findings, Voya\u2019s research found employers who implement inclusion best practices within their workplace retirement plan can see positive savings results that have a meaningful impact on underserved employee populations.<\/p>\n

\n\u201cOver the last several years, employers have increased their focus on driving greater inclusivity, which has led to positive outcomes in the recruitment and retention of a more diverse workforce,\u201d said Rob Grubka, CEO, Workplace Solutions at Voya Financial. \u201cOur research has found that employers can take this a step further by now focusing on opportunities to create greater value out of their benefits and savings programs by understanding and acting upon the unique needs of their employees. However, despite the efforts supported by many employers today to drive greater outcomes, the dimensions of a strong retirement plan, such as participation and savings rates that can drive these outcomes, still remain a challenge for many individuals today, particularly among certain employee communities.\u201d<\/p>\n

\nTo help further understand what is driving the behaviors and ultimate actions of individuals when it comes to their workplace retirement plan, Voya analyzed plan participant data from six of Voya\u2019s clients and more than 163,000 employees across various industries such as retail, financial services, government, consumer goods and utilities. The research focuses on key areas such as retirement plan participation, savings behaviors, and overall engagement in the plan.<\/p>\n

Key retirement plan measures show gaps across different employee communities<\/b><\/p>\n

\nWhile many individuals have faced financial hardship over the past several years as a result of the impacts of the COVID-19 pandemic, Black and Latino workers in particular experienced greater pay cuts and job loss, leaving little room to consider retirement savings as a priority.1<\/sup><\/p>\n

\nWhat\u2019s more, U.S. Census data from 2020 shows that Black Americans were twice as likely as White Americans to be living in poverty, with a median Black household earning just 61% of the median White household.2<\/sup><\/p>\n

\nWith this as a backdrop, Voya\u2019s research uncovered striking differences in overall workplace retirement plan participation, savings rates (measuring the amount of money an individual deducts from their paycheck to set aside for their workplace retirement plan) and average account balances among different employee communities. Specifically, Voya\u2019s research found:<\/p>\n