A panel of experts at the Milken Institute's 2023 Global Conference discussed how advances in fintech and AI tools have led to innovative approaches to boosting retirement savings.
Author Marcia Mantell discusses why women are likely to have less in retirement savings and shares planning tips for future retirement.have the potential to encourage more Americans to increase their retirement savings, according to a panel of experts at the Milken Institute’s 2023 Global Conference.
Evans noted that platforms like Acorns and Betterment allow users to invest incrementally with small dollar amounts in fractional shares, which boosts their overall savings rate and has served to "democratize finance" for beginner investors. The Acorns platform uses AI to analyze a user’s spending patterns to find ways to save and also offers a robo-advising service guided by AI to manage the user’s investment.making at UCLA’s Anderson School of Business, explained he recently worked with Acorns on a project to increase sign-ups for an auto deduction savings account. They offered potential users the option of enrolling in plans to save $150 per month, $35 a week or $5 a day.
"What we found was there was a increase in enrollment when the savings account was framed as $5 day, and these were in small base rates. It was about 28% of people who enrolled when it was framed as five bucks a day," Hershfield said. "helped eliminate the wealth gap in savings" because the $150 a month figure was primarily attractive to savers in the upper quartile of the income scale.
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