Adult life, it turns out, is full of lots of things you should do. But what do people like you actually do? That’s where comparative data comes in.
We have been following this for a while, even created SnackStats on the trend, but it keeps popping up.
We have already seen examples, say where, an electric bill might show your home’s power usage vs. the neighbors. An app might display your relative time on a run around park. We’re desiring more and more of these clues that show us where we fit in and what counts as good (enough) behavior. After all, the goal isn’t to be perfect. It’s just to be better than most.
How does your 401K savings rate compare!? Are you a top 10 percenter?
Bloomberg reported on a new application CompareMe, “(it) promises to increase retirement savings rates by drawing on survey data to compare your rate to that of people with similar incomes, and to the average in your state. Putnam Investments has developed a “How Do I Compare?” feature for its 401K clients. Academic studies are showing that the peer effect works in motivating people to save more.”