Americans Feel Savings Peer Pressure

More than half of survey respondents said they would save more if their nest eggs did not measure up to those of their peers.

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.