Here’s another comparison site to waste some Friday afternoon time on – INGCompareMe.com. From their press release – “INGCompareMe 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.”
The comparison database was initially fed by a survey conducted by ING of over 5,000 adults who participated in workplace retirement savings plans. But as more people use the site (like you), their answers are also incorporated into the results.
I’m sure the ultimate goal is to sell you some sort of ING financial advice, but since the tool is anonymous I took it for a whirl. Of course, the question below provides the most insight:
Only 10% of people are below average? I guess I also live in Lake Wobegon. 🙂
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Ok, similar people to me have 150K in liquid savings? Now? I don’t think so. They must need a lot more data.
I said that my monthly mortgage payment was $0 (mortgage paid off). In the summary report it said that the average payment was $1200 and that there may be ways to lower my monthly payment to save more. Derr.
I figure people who are like me are exactly like me. Guess I don’t understand the question…
@Justin
Ever heard of selection bias? Think about what kind of people are likely to visit a site like that.
cute, but too many shortcomings. For example, it asks me if I am married but it is not clear whether I should enter the combined marital assets or just mine. Also, the income brackets are super-wide.
another thing that comes up often in other news. “Credit card oustanding balance”. My credit card bills average $2500 per month which is always paid off every month: always. Many people I know and many people on this blog do the exact same thing. do we put $2500 or zero?
side note:
Gretchen, funny!
seriously though, I think they are comparing people in the same income range and marital status
@Jim
That’s why I said they need more data. Obviously it is skewed right now.
Skewed towards making me feel incompetent!
mark – it asks for your maintained balance – which would be a balance kept between months, not what is paid month to month. its about CC debt.
my mortgage is high for my “like people” group, but at age 28, I would doubt many people have a 20 year mortgage – monthly payment means different things at 15, 20, and 30 year terms.
People who know little about finance will probably not take the time to fill out the survey. The sample percentage who know more than average will naturally be higher than the population average.
Hmm, after re reading the PDF report I felt it’s like telling the zodiac. It’s soo diluted that it can apply to anybody. In one word: useless.
Next
It’s another example of why I read this blog and others like it. Creative people with creative ideas using real research. That survey has as much value as the well known news outlets (Money, CNN, MSNBC, etc.) that regurgitate the same entry level, useless articles on “how to save on your taxes”, “how to save $$$ on your next vacation”, etc.
Yes…I think it needs a little “tweaking” as Tony said above. If there are ways to further reduce my mortgage payment and car loan (below zero!) please let me know!
Monthly mortgage payment: You don’t match up
You told us your monthly mortgage payment is
$0, whereas others like you pay an average of
$972 each month. Do you feel your payment is
at the right level? There may be ways to lower
your payment to help you save more each month.
Car loans: You don’t match up
Based on the information you provided, you
owe $0 in car loans. However, the average
amount owed by people like you is $7,549.
When buying a car, choose carefully, because
how much you pay, your length of ownership
and maintenance fees all affect how much you
can save in the long run.
Hi Jonathan,
Wondering how you find these websites. Do you read some newspapers/etc where you get all these nice links?
Thanks
Inq
I gave the comparison tool a spin, and it says that average people of my age and station have $50,000 in cash savings.
$50,000??? I don’t know anyone of my age and education level that keeps $50,000 in cash! Most of us are just starting to save for a down payment on a house.
@Al – same thing I found. The cash savings numbers are absurd.
However, I looked again and it seems like the number have gone down, down, down. 150ish gross liquid savings at 28 years of age is now down to nearly 100K. I still think that is high. I wouldn’t say it was high 18 months ago however. HOwever, 20-something retirement accounts are nearly all equities.
Al,
I know what you mean! The other thing is there is no way to verify the numbers that people are posting. Given enough truthful entries it should eventually smooth out.
As a financial counselor I’m somewhat skeptical of the results provided by the “average” person’s responce. In my practice I either don’t see these average folks or perhaps only the better financially savvy/prepared took the time to submit. The average client I see has approximately $10,000.00 credit card debt and their income to debt ratio is well beyond the 36% mark. Fewer than 10% are saving/investing the amount they should for their retirement goals after adding inflation estimates, etc., etc.