In addition, more than one quarter (27%) of respondents to an ING U.S. consumer survey 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. Respondents were 1,011 adults ages 18 and older.