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                                  SCHEDULE 13D


                    Under the Securities Exchange Act of 1934
                               (Amendment No. 5)*

 
                         Individual Investor Group, Inc.
                                (Name of Issuer)


                          Common Stock, $.01 par value
                           (Title Class of Securities)


                                    455907105
                                 (CUSIP Number)


                              Michael Kaplan, Esq.
               c/o Individual Investor Group, Inc., 1633 Broadway,
                         38th Floor, New York, NY 100019
       (Name, Address and Telephone Number of Person Authorized to Receive
                          Notices and Communications)


                                February 26, 1997
             (Date of Event which Requires Filing of this Statement)


If the filing person has previously  filed a statement on Schedule 13G to report
the  acquisition  which is the subject of this  Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box |_|.

Check the following box if a fee is being paid with the statement |_|. (A fee is
not required only if the reporting person:  (1) has a previous statement on file
reporting  beneficial  ownership  of more  than  five  percent  of the  class of
securities  described  in Item 1;  and (2) has  filed  no  amendment  subsequent
thereto reporting  beneficial  ownership of five percent or less of such class.)
(See Rule 13d-7.).

Note: Six copies of this statement, including all exhibits, should be filed with
the  Commission.  See Rule  13d-1(a) for other  parties to whom copies are to be
sent.

*The  remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for  any  subsequent   amendment   containing   information  which  would  alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).




                                  SCHEDULE 13D


CUSIP No.     455907105                                 Page 2 of 5 Pages
- ------------------------                          ------------------------------

- --------------------------------------------------------------------------------
1         NAME OF REPORTING PERSON
          S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                   Jonathan L. Steinberg
- --------------------------------------------------------------------------------
2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*            (a)  |_|
                                                                       (b)  |X|
- --------------------------------------------------------------------------------
3         SEC USE ONLY

- --------------------------------------------------------------------------------
4         SOURCE OF FUNDS*

                   N/A
- --------------------------------------------------------------------------------
5         CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO 
          ITEMS 2(d) OR 2(e)                                                |_|

- --------------------------------------------------------------------------------
6         CITIZENSHIP OR PLACE OF ORGANIZATION

                   United States of America
- --------------------------------------------------------------------------------
                  |         7        SOLE VOTING POWER
                  |
                  |             1,176,676 shares of Common Stock
       NUMBER OF  |-------------------------------------------------------------
        SHARES    |         8        SHARED VOTING POWER
     BENEFICIALLY |
       OWNED BY   |                         -0-
         EACH     |-------------------------------------------------------------
       REPORTING  |         9        SOLE DISPOSITIVE POWER
        PERSON    |
         WITH     |             1,176,676 shares of Common Stock
                  |-------------------------------------------------------------
                  |        10        SHARED DISPOSITIVE POWER
                  |
                  |                         -0-
- --------------------------------------------------------------------------------
11        AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                   1,176,676 shares of Common Stock
- --------------------------------------------------------------------------------
12        CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
                                                                           
                                                                           |_|
- --------------------------------------------------------------------------------
13        PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                   18.33%
- --------------------------------------------------------------------------------
14        TYPE OF REPORTING PERSON*

                   IN
- --------------------------------------------------------------------------------

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!
          INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
      (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.



Item 1.  Security and Issuer.

     This  statement  relates  to the  Common  Stock,  par value  $.01 per share
("Common  Stock"),  of  Individual  Investor  Group,  Inc.  ("Company"),   whose
principal executive offices are located at 1633 Broadway,  38th Floor, New York,
New York 10019.

Item 2.  Identity and Background.

     No change.

Item 3.  Source and Amount of Funds or Other Consideration.

     No change.

Item 4.  Purpose of Transaction.

     No change.

Item 5.  Interest in Securities of the Issuer.

     Item 5 is amended to add the following:

     Included in the beneficial  ownership of Common Stock on this Amendment No.
5 are 250,000 shares of Common Stock issuable upon exercise of an option granted
to Mr.  Steinberg  by the Company on April 7, 1994.  This  option  grants to Mr.
Steinberg  the right to purchase an aggregate of 500,000  shares of Common Stock
as follows: 125,000 shares of Common Stock may be purchased on or after April 7,
1996 at a purchase price of $4.9375 per share;  an additional  125,000 shares of
Common Stock may be  purchased on or after April 7, 1997 at a purchase  price of
$4.9375 per share; an additional 125,000 shares of Common Stock may be purchased
on or after  April 7,  1998 at a  purchase  price of  $6.25  per  share;  and an
additional  125,000 shares of Common Stock may be purchased on or after April 7,
1999 at a purchase price of $.750 per share. The option expires on April 6, 2004
unless earlier terminated pursuant to the terms of the option.

     In addition to the beneficial  ownership of Common Stock  disclosed on this
statement,  Mr.  Steinberg  was  granted an option by the Company on November 4,
1996 to  acquire an  aggregate  of 100,000  shares of Common  Stock as  follows:
33,333  shares of Common Stock may be  purchased  on or after  November 4, 1997;
33,333 shares of Common Stock may be purchased on or after November 4, 1998; and
33,334 shares of Common Stock may be purchased on or after November 4, 1999. The
exercise  price is $7.50  per  share.  After a  portion  of the  option  becomes
exercisable, it shall remain exercisable until the close of business on November
4, 2006, unless earlier terminated pursuant to the terms of the option.

     No  transactions  in the shares of Common  Stock have been  effected by Mr.
Steinberg in the past 60 days.




                                     3 of 5


Item 6.  Contracts, Arrangements, Undertakings or Relationships with Respect to
         Securities of the Issuer.

     No change.

Item 7.  Material to be Filed as Exhibits.

(a)  Stockholder  Agreement,  dated as of January 1,  1989,  among the  Company,
     Mr. Steinberg,  Mr. Jonathan  Tisch,  Mr. Saul  Steinberg and certain other
     stockholders of the Company.*

(b)  Stock  Purchase  Agreement,  dated  August  7,  1991,  among  the  Company,
     Mr. Jonathan Tisch and Mr. Steinberg.*

(c)  Lock Up  Agreements,  dated  December 4, 1991,  among the Company,  GKN and
     Mr. Steinberg.*

(d)  Modification,   dated  December 12,   1994,  to  Lock-Up  Agreement,  dated
     December 4, 1991, among the Company, GKN and Mr. Steinberg.*

(e)  Demand  Grid Note,  dated  December 16,  1994,  between  Mr. Steinberg  and
     Republic National Bank of New York.*

(f)  Continuing General Security  Agreement,  dated  December 16,  1994, between
     Mr. Steinberg and Republic National Bank of New York.*

(g)  Stock Option Agreement,  dated April 7, 1994, between Mr. Steinberg and the
     Company.*

(h)  Stock Option Agreement,  dated June 23, 1995, between Mr. Steinberg and the
     Company.*

(i)  Modification, dated April 15, 1996, to Lock-up Agreement, dated December 4,
     1991, among the Company GKN and Mr. Steinberg.*

(j)  Demand Grid Note,  dated April 22, 1996,  between Wise  Partners,  L.P. and
     Republic National Bank of New York.*

(k)  Guaranty  and  Security  Agreement,  dated  April 22,  1996,  between  Wise
     Partners, L.P. and Republic National Bank of New York.*

                                    

*        Previously filed.



                                     4 of 5



                                    SIGNATURE



     After a reasonable  inquiry and to the best of my knowledge  and belief,  I
certify that the information  set forth in this statement is true complete,  and
correct.



Dated: February 26, 1997



                                                By:  /s/ Jonathan L. Steinberg 
                                                   ----------------------------
                                                     Jonathan L. Steinberg


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