A retirement crisis that sees most Americans poorly, if at all, financially prepared to leave the workplace could see improvement if default savings rates were pushed higher — not just a little, but a lot higher.

So says new research from Voya Financial’s Voya Behavioral Finance Institute for Innovation. In a working paper titled “How Do Consumers Respond When Default Options Push the Envelope?” The Institute, in conjunction with behavioral scientists from UCLA, Harvard and the University of Pennsylvania, examined the impact to retirement plan enrollment and savings behavior when individuals were shown savings rates above traditionally displayed levels.

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