African Americans, Hispanics, Asians and Caucasians in the U.S. have more similarities than differences when it comes to how they spend, save and think about finances and retirement, according to a new study from the ING Retirement Research Institute.

Individuals across all groups generally see saving for retirement as a daunting task. They cite insufficient income and debt as the leading barriers to their ability to save. And while the vast majority of Americans in each group say they plan to retire, most have not formally calculated their retirement needs.

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