Steve Utkus

Retirement Research Director

Stephen P. Utkus is principal and director of the Vanguard Center for Investor Research.

The Center conducts and sponsors research on investor behavior and decision-making. It also works to apply behavioral insights to real-world settings. The Center's scope includes individual investors (whether direct, advised, or in defined contribution plans) and institutional investors. The Center's work will be of interest to investors, advisors, consultants, employers, media, the research community, and policymakers.

Mr. Utkus's personal research interests include retirement economics, behavioral finance, and the role of psychology in household financial decisions.

He earned a B.S. from the Massachusetts Institute of Technology and an M.B.A. from The Wharton School of the University of Pennsylvania. He is a member of the advisory board of the Wharton Pension Research Council, is currently a visiting scholar at Wharton, and is a member of the board of trustees of the Employee Benefit Research Institute in Washington, D.C.

Mr. Utkus is a principal and director of Vanguard Center for Investor Research. His research interests include retirement economics, behavioral finance, and the role of psychology in household financial decisions.

RECENT ARTICLES

Choice architecture and participant investment decisions

May 14, 2018

The way sponsors design defined contribution plans can help reduce costs and risk exposure for participants.

Indexing in defined contribution plans 2006 to 2016

May 23, 2017

In a Vanguard research paper, authors Cynthia A. Pagliaro and Stephen P. Utkus explore the reasons behind the increase of defined contribution plan assets invested in index options and the implications for plan sponsors.

Retirement transitions in four countries

February 07, 2017

This Vanguard research paper examines the planning process and advice needs of pre-retirees and recent retirees in the United States, Canada, the United Kingdom, and Australia.

Reenrollment: One year later

February 06, 2017

In an update to their earlier research, Steven Utkus and Cynthia Pagliaro revisit a participant population to discover if investment defaults remain "sticky" or if the effects of reenrollment erode over time.

A different kind of target-date investor

January 30, 2017

In this research paper, Vanguard Center for Investor Research examines mixed target-date investors, determines if these investors are taking on additional risk in their portfolios, and suggests measures to avoid such risks.

RECENT ARTICLES

Choice architecture and participant investment decisions

May 14, 2018

The way sponsors design defined contribution plans can help reduce costs and risk exposure for participants.

Indexing in defined contribution plans 2006 to 2016

May 23, 2017

In a Vanguard research paper, authors Cynthia A. Pagliaro and Stephen P. Utkus explore the reasons behind the increase of defined contribution plan assets invested in index options and the implications for plan sponsors.

Retirement transitions in four countries

February 07, 2017

This Vanguard research paper examines the planning process and advice needs of pre-retirees and recent retirees in the United States, Canada, the United Kingdom, and Australia.

Reenrollment: One year later

February 06, 2017

In an update to their earlier research, Steven Utkus and Cynthia Pagliaro revisit a participant population to discover if investment defaults remain "sticky" or if the effects of reenrollment erode over time.

A different kind of target-date investor

January 30, 2017

In this research paper, Vanguard Center for Investor Research examines mixed target-date investors, determines if these investors are taking on additional risk in their portfolios, and suggests measures to avoid such risks.

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