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ING U.S. finds peer pressure applies to retirement savings

 

By Ina Paiva Cordle

icordle@MiamiHerald.com

Peer pressure apparently goes far beyond childhood. It even applies to savings and personal finance, according to research from ING U.S.

In fact, 52 percent of Americans said they would be motivated to save more for retirement if their savings didn’t measure up to that of their peers.

And 27 percent said that the size of their retirement account was an important attribute for benchmarking themselves against others – more than their material possessions (17 percent) and salary (16 percent), ING U.S said.

ING offers INGCompareMe.com, which can be used by people to compare themselves to others when it comes to savings, spending, investing and debt. Using data from the site, ING created the “ING State of Savings” interactive map, which shows a state-by-state ranking of how Americans say they are saving across the country. Floridians ranked 10th in the nation overall, ING U.S. said.

INA PAIVA CORDLE

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