As part of its ongoing efforts to come up with easy ways for people to plan and save for retirement, ING recently launched a new online tool that leverages the benefits of peer comparison: INGCompareMe.com.
“The tool allows people to look at what other folks in similar situations are doing, in the hopes that it may be a catalyst to get them to take action,” says Richard Mason, president of corporate markets for ING U.S. Retirement Services.
According to Mason, many studies on financial behavior have shown that people want to compare themselves to others. Now more than ever, he says, there is comfort in numbers, and a tool like INGCompareMe.com allows people to not only see what others in their peer group are doing, but perhaps also use that information together with a financial advisor and start a new retirement saving dialogue.
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. The tool doesn’t require names, email addresses or identification, so the process is completely anonymous.
INGCompareMe.com was launched in early January and since then, has had about a million page views, says Denis-Martin Monty, director of strategic innovation for ING U.S. Retirement Services.
“We’ve also had positive anecdotal feedback from users, sponsors and employers,” Monty says. “A tool like this really helps employers to make decisions because with it, they are at the forefront of helping their employees to save better.”