Although Americans of all backgrounds encounter similar barriers to saving and planning, cultural differences account for disparate experiences among groups, according to a study released Thursday by ING Retirement Research Institute.

The study reported that all populations found retirement planning to be a daunting task. However, Hispanics felt the least prepared, with 54 percent saying they felt "not very" or "not at all" prepared. This compares with 50 percent of African-Americans, 48 percent of white and 44 percent of Asian respondents who said they did not feel prepared.

These results correspond with the amount saved in employer-sponsored retirement plans, with Hispanic respondents reporting the lowest average balances ($54,000) in their retirement plans, considerably less than the average balance across all groups ($69,000). In contrast, Asian respondents reported having the highest average plan balances ($81,000).