ING Global Survey: Americans Aren't Alone in Their Concerns About Money and Retirement Savings
ING Survey Gives Insights Into Consumer Attitudes and Behavior Toward Their Money
- 89% of respondents -- from 10 different countries(1) -- want to do a better job managing their money; 94% of Americans want to do a better job
PR Newswire
NEW YORK
Jan 10, 2011
NEW YORK, Jan. 10, 2011 /PRNewswire/ -- Turns out, Americans aren't the only ones concerned about their money skills and preparation for retirement. As Americans reflect on 2010 and preparing for 2011, resolving to manage their financial future better may be at the top of their New Year's resolution list. Approximately 89% of respondents in a recent global survey(2), conducted by ING in partnership with the ING Retirement Research Institute, said they want to do a better job managing their money. Americans were the most eager to manage money better, as approximately 94% stated they want to do better, slightly higher than the global average.
The results come from a Financial Intelligence Quotient (FQ) test conducted by ING to measure the financial literacy of consumers from 10 different countries, including the U.S., and how their level of financial literacy influences their attitudes, behaviors and emotional well-being. Depending on their responses to the FQ questions, consumers fell into one of four financial-literacy knowledge profiles: Excellent, Good, Basic or Poor. The survey results indicate that the more financially literate someone is, the happier and more confident they tend to be. Approximately 62% of Americans scored in the Basic financial literacy level, which is higher than the global average.
"We know Americans need to save more for their retirement and it's great to see that better money management is a top priority," said Rob Leary, CEO, ING Insurance U.S. "However, while it is encouraging that most Americans want to manage their finances better, it's time to convert good intentions into action. Americans can take a few simple steps to make progress quickly. For instance, talking to a trusted financial professional, raising the contribution rate in their workplace retirement plan, and prudent spending in order to save more in an IRA are all easy steps to make progress toward important New Year's resolutions."
While ING's research reveals that 97% of American respondents fully understand that the earlier you start saving for retirement, the better off they will be, only 53% are currently saving for retirement. The reasons given for not saving for retirement include not knowing where to start (29%), postponing getting started (23%), or needing help, but not knowing where to get it (18%).
"For most Americans, maximizing the use of workplace retirement plans is an important step toward reaching a secure retirement -- it's the best possible starting point," said Leary. "One way to get people on the path to better managing their financial future is helping them focus on maximizing their workplace retirement plan. Americans cannot delay giving themselves a 'retirement raise.' A modest increase in your workplace retirement plan contribution rate can go a long way toward ensuring a more financially secure retirement."
In addition to helping its customers, ING Insurance U.S. also focuses its philanthropic efforts on helping people become financially independent by increasing their knowledge of and comfort with financial matters -- especially youth -- so they can mature into more financially savvy adults. Through the ING-Girls Inc. Investment Challenge, a program that provides hands-on investment experience to girls, and engagement with nonprofit organizations such as Junior Achievement, the company is making efforts to increase financial literacy among youth.
To help Americans navigate the retirement landscape and help demonstrate the potential long-term financial impact of contribution rate changes in their workplace retirement plans over the long-term, ING has posted an easy-to-use Retirement Contribution Rate calculator at: http://ing.us/.
The results of the survey provide ING with more insight into consumer financial behavior that will enable the company to tailor information, advice and educational initiatives to consumer needs. The FQ test developed for people to self-assess their financial literacy level can be found at: http://apps.facebook.com/ing-fq-contest/.
About ING
ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 85 million private, corporate and institutional clients in over 40 countries. With a diverse workforce of more than 107,000 people, ING is dedicated to setting the standard in helping our clients manage their financial future.
In the U.S., the ING (NYSE: ING) family of companies offers a comprehensive array of financial services to retail and institutional clients, which includes life insurance, retirement plans, mutual funds, managed accounts, alternative investments, direct banking, institutional investment management, annuities, employee benefits and financial planning. ING holds top-tier rankings in key U.S. markets and serves approximately 30 million customers across the nation.
ING's diversity management philosophy and commitment to workplace diversity, diversity marketing, corporate citizenship and supplier diversity fosters an inclusive environment for employees that supports a distinctive product and service experience for the financial services consumer. For more information, visit ing.us.
(1) 10 countries are United States, Mexico, Netherlands, Romania, Poland, Spain, Belgium, Korea, India and Japan.
(2) The web-based survey was conducted by market research firm Epiphany between Nov. 5 - 23, 2010. Respondents were 5,000 total individuals, 500 per 10 countries participating, representative on age, gender and income.
SOURCE ING
SOURCE: ING
PR Newswire
NEW YORK, Jan. 10, 2011
NEW YORK, Jan. 10, 2011 /PRNewswire/ -- Turns out, Americans aren't the only ones concerned about their money skills and preparation for retirement. As Americans reflect on 2010 and preparing for 2011, resolving to manage their financial future better may be at the top of their New Year's resolution list. Approximately 89% of respondents in a recent global survey(2), conducted by ING in partnership with the ING Retirement Research Institute, said they want to do a better job managing their money. Americans were the most eager to manage money better, as approximately 94% stated they want to do better, slightly higher than the global average.
The results come from a Financial Intelligence Quotient (FQ) test conducted by ING to measure the financial literacy of consumers from 10 different countries, including the U.S., and how their level of financial literacy influences their attitudes, behaviors and emotional well-being. Depending on their responses to the FQ questions, consumers fell into one of four financial-literacy knowledge profiles: Excellent, Good, Basic or Poor. The survey results indicate that the more financially literate someone is, the happier and more confident they tend to be. Approximately 62% of Americans scored in the Basic financial literacy level, which is higher than the global average.
"We know Americans need to save more for their retirement and it's great to see that better money management is a top priority," said Rob Leary, CEO, ING Insurance U.S. "However, while it is encouraging that most Americans want to manage their finances better, it's time to convert good intentions into action. Americans can take a few simple steps to make progress quickly. For instance, talking to a trusted financial professional, raising the contribution rate in their workplace retirement plan, and prudent spending in order to save more in an IRA are all easy steps to make progress toward important New Year's resolutions."
While ING's research reveals that 97% of American respondents fully understand that the earlier you start saving for retirement, the better off they will be, only 53% are currently saving for retirement. The reasons given for not saving for retirement include not knowing where to start (29%), postponing getting started (23%), or needing help, but not knowing where to get it (18%).
"For most Americans, maximizing the use of workplace retirement plans is an important step toward reaching a secure retirement — it's the best possible starting point," said Leary. "One way to get people on the path to better managing their financial future is helping them focus on maximizing their workplace retirement plan. Americans cannot delay giving themselves a 'retirement raise.' A modest increase in your workplace retirement plan contribution rate can go a long way toward ensuring a more financially secure retirement."
In addition to helping its customers, ING Insurance U.S. also focuses its philanthropic efforts on helping people become financially independent by increasing their knowledge of and comfort with financial matters — especially youth — so they can mature into more financially savvy adults. Through the ING-Girls Inc. Investment Challenge, a program that provides hands-on investment experience to girls, and engagement with nonprofit organizations such as Junior Achievement, the company is making efforts to increase financial literacy among youth.
To help Americans navigate the retirement landscape and help demonstrate the potential long-term financial impact of contribution rate changes in their workplace retirement plans over the long-term, ING has posted an easy-to-use Retirement Contribution Rate calculator at: http://ing.us/.
The results of the survey provide ING with more insight into consumer financial behavior that will enable the company to tailor information, advice and educational initiatives to consumer needs. The FQ test developed for people to self-assess their financial literacy level can be found at: http://apps.facebook.com/ing-fq-contest/.
About ING
ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 85 million private, corporate and institutional clients in over 40 countries. With a diverse workforce of more than 107,000 people, ING is dedicated to setting the standard in helping our clients manage their financial future.
In the U.S., the ING (NYSE: ING) family of companies offers a comprehensive array of financial services to retail and institutional clients, which includes life insurance, retirement plans, mutual funds, managed accounts, alternative investments, direct banking, institutional investment management, annuities, employee benefits and financial planning. ING holds top-tier rankings in key U.S. markets and serves approximately 30 million customers across the nation.
ING's diversity management philosophy and commitment to workplace diversity, diversity marketing, corporate citizenship and supplier diversity fosters an inclusive environment for employees that supports a distinctive product and service experience for the financial services consumer. For more information, visit ing.us.
(1) 10 countries are United States, Mexico, Netherlands, Romania, Poland, Spain, Belgium, Korea, India and Japan.
(2) The web-based survey was conducted by market research firm Epiphany between Nov. 5 – 23, 2010. Respondents were 5,000 total individuals, 500 per 10 countries participating, representative on age, gender and income.
SOURCE ING
CONTACT: Dana E. Ripley, ING Insurance U.S., +1-770-980-4865, or Cell, +1-404-788-9624, dana.ripley@us.ing.com
Web Site: http://ing.us