Dutch bank ING has launched a "peer comparison" tool on its US Web site that lets users see how their retirement saving plans stack up against fellow customers.
Users who log onto INGCompareMe.com create a profile by entering some background information, along with optional details, such as their hobbies and interests.
They can then access a number of different personal finance categories, answer some questions and find out how they compare to people just like them.
The bank says the tool makes it possible for anyone to see where they stand in relation to others on a wide range of saving, spending, investing, debt and personal finance matters. By relying on peer data, the tool provides an objective way for users to gauge their own financial status and act upon it.
Richard Mason, president, corporate markets, ING US Retirement Services, says: "We believe INGCompareMe.com 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."
In November ING Direct launched a Web 2.0-enabled 'We the Savers' microsite as part of a media campaign encouraging US consumers to save and invest. The campaign lets participants use savings calculators, online forums and social networking and instant messaging icons.