myRA: a New Savings Product for Financially Vulnerable Americans

myRA: a New Savings Product for Financially Vulnerable Americans

According to a survey fielded by D2D, consumers have positive initial reactions to a new savings product, myRA, that has been released by the U.S. Treasury Department. myRA is intended to help first-time and small-dollar savers set aside savings directly from their paychecks. D2D's infographic details key recommendations about marketing language, product features, and distribution channels that the Treasury could use to help ensure that myRA reaches the most financially vulnerable Americans.

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Key Takeaway

myRA is the U.S. government’s answer to low retirement savings rates. It’s the right direction for improving the situation, and by increasing accessibility and communication, it could be even better.

Key Learnings

  • There is a desire for products that provide more options for management and use that meet the needs of a wider range of people.

  • Meet people where they are. Products should be available to open and advertised in many ways to reach a diverse group of people.

Key Findings

  • People are interested in having a variety of ways to deposit money into, and manage, their retirement account.

  • Different people tend to learn about products in different ways, providing a wide variety of channels that need to be utilized.

Challenges

Related Challenge

Solutions

Related Solutions