We all know everything comes down to peer-to-peer these days and the financial community is no exception. Investors are increasingly turning to their friends and social networks for advice – and in this market – condolences. But, have you ever wondered where you stand financially compared to other people like you?
INGCompareMe lets you find out. The free web-tool lets you anonymously compare your savings, spending, debt, investments and planning. You fill out as much of the form as you want to, i.e. age, gender, marital status. (A lot of the data was initially populated from a survey conducted by the ING Institute for Retirement Research which polled over 5,000 adults who participated in workplace retirement savings plans.) But, the more people who try the tool out, the more information they have for comparisons. There is also a Twitter page where people can discuss their results.
It really is an interesting approach to peer-to-peer financials. Joseph Loparco, director of communications for ING said, “this tool helps make the serious and complex topic of saving and retirement planning more approachable.”
And, I have to admit, it gave me a little “wow factor” when I saw that I’m ahead of the curve in terms of my mortgage and outstanding debt compared to other single women my age. But, of course, my retirement savings fell a little short – no surprise there. Overall it’s a unique way for ING to connect with its customers and to really start the conversation about where they are and where they want to be. I know it seems like the sky is falling around us right now. But, that’s probably all the more reason to pay attention to your goals.
note: in the interest of full disclosure, I am working with ING to spread the word on this tool.