Benefits December 5, 2012

Americans Feel Retirement Savings Peer Pressure

December 5, 2012 (PLANSPONSOR.com) – More than half (52%) of ING U.S. consumer survey respondents would be motivated to save more for retirement if their nest eggs did not measure up to their peers’.
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In addition, more than one quarter (27%) confirmed that the size of their retirement account is an important attribute for benchmarking themselves against others—more significant than their material possessions (17%) and salary (16%).    

The urge to compare does not stop in Americans’ golden years. Nearly two out of ten people (19%) already in retirement still want to “keep up with the Joneses” when it comes to their quality of life and financial independence.  

The study also found more than one-third (34%) of Americans believe where they live has a significant impact on their ability to save for retirement.   

Findings are from a phone-based survey conducted by ORC International and commissioned by ING U.S. between September 20 and 23, 2012. Respondents were 1,011 adults ages 18 and older.

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