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ING Launches Online Peer Comparison Tool

INGCompareMe is designed to inspire investment in financial products and services based on users' comparing their financial status to similar individuals.

ING (Windsor, Conn., a subsidiary of ING Group, Amsterdam) has launched an online "peer comparison" tool that enables individuals to compare their financial status with like people on a range of saving, spending, investing, debt and personal finance matters. The tool,, invites users to identify themselves through questions about age, gender, income, marital status, education, location, ethnicity, occupation, and personal interests, among other types of information.

By relying on peer data, the tool provides an objective way for users to gauge their own financial status and, ultimately, take action, according to an ING press release about the tool. For example, if investors determine they've saved less in their workplace retirement plans than their counterparts, it may inspire them to save more. If they come out ahead of the curve, it may encourage them to continue their good habits, the ING source says.

"At ING, we recognize that many Americans aren't sure where to begin when it comes to retirement saving. The current financial markets may have gotten them even more confused or frustrated," says Richard Mason, president of corporate markets for ING U.S. Retirement Services. "We believe offers a unique and easy way for investors to begin thinking about retirement and how to reach their goals. From what we know about peer comparison, when individuals benchmark themselves to others it increases the chance that they will act on those comparisons."

Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio

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