Americans Feel Retirement Savings Peer Pressure

December 5, 2012 ( 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’.

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.