A free web-tool from ING offers a new approach to retirement saving by leveraging the power of “Peer Comparison.” www.INGCompareMe.com makes it possible for anyone to see where they stand in relation to others on a wide range of saving, spending, investing, debt and personal finance matters.
By relying on peer data, the tool provides an objective way for users to gauge their own financial status and, ultimately, take action. For example, if investors determine they’ve saved less in their workplace retirement plans than their counterparts, it may inspire them to save more. If they come out ahead of the curve, it may encourage them to continue their good habits.
Users who log onto INGCompareMe.com create a profile by entering some simple background information, along with optional details, such as their hobbies and interests. They can then access a number of different personal finance categories, answer a variety of straightforward questions, and quickly find out how they compare to people just like them. No names, email addresses or identification is requested, so the process is completely anonymous.
Visitors to INGCompareMe.com are incorporating their information into the tool, building scale and expanding its power over time. A mechanism is in place to remove older data so that the comparisons reflect current market conditions.
“At ING, we recognize that many Americans aren’t sure where to begin when it comes to retirement saving,” says Richard Mason, president of corporate markets, ING U.S. Retirement Services. “We believe INGCompareMe.com offers a unique and easy way for investors to begin thinking about retirement and how to reach their goals. From what we know about peer comparison, when individuals benchmark themselves to others it increases the chance that they will act on those comparisons.”
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