By Americans Living in These States Are the Best at Saving Money – And They’re Saving For Different Things in 2020
New Yorkers are the most savings conscious of any state, according to a new survey of 5,000 Americans from all 50 states.
Interestingly, the results also showed that 58% of respondents said that COVID-19 has completely changed the way they approach savings, and 53% said they started saving for different things since the pandemic began.
Of those surveyed, it was found that the most important thing they were saving for was an emergency of some kind (32%) followed closely by retirement (31%), with a new car in a distant third (20%).
But respondents are also earning a lot more effort to save money. Nearly six in ten (59%) say they are officially cutting their spending for this effort.
The survey, conducted by OnePoll on behalf of Slickdeals, aimed to uncover data on how people in different states are reacting to their finances in the wake of the pandemic.
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Among those who cut back, taking advantage of sales and discounts instead of buying at retail (45%) was a popular method, in addition to getting less takeout (44%) and making coffee at home instead of getting their caffeine fix of an expensive coffee.
“Cutting your expenses doesn’t always require drastically altering your lifestyle,” said Ryan Tronier, senior editor of personal finance at Slickdeals. “Once saving money becomes a priority, you can start making minor changes that start to add up over time.”
Top Savings by State
Savings-conscious New Yorkers are spending, on average, 14.5% of their income toward savings goals or investment accounts.
Georgia ranked second with 12.9% and Texas third with 12.7%, with residents of almost every other state staying less than 10% for future goals.
The average respondent was found to have $ 17,135 locked up in a savings or investment account, with South Dakotans leading the way with an overall average of $ 24,497 in savings.
The states with the least amount of savings were found to be West Virginia ($ 6,936) and Tennessee ($ 9,628).
THE TOP STATES FOR THE MOST MONEY LOST …
South Dakota $ 24,497
New Hampshire $ 24,187
Wyoming $ 22,626
Montana $ 22,522
Pennsylvania $ 20,252
Rhode Island $ 20,227
Hawaii $ 19,613
Massachusetts $ 19,565
North Dakota $ 19,185
Wisconsin $ 18,725
Nebraska $ 18,517
Georgia $ 17,562
Alaska $ 17,491
Delaware $ 17,451
Virginia $ 17,245
Nevada $ 16,752
Iowa $ 16,738
New York $ 16,609
Minnesota $ 15,884
New Jersey $ 15,151
Utah $ 15,066
New Mexico $ 15,039
Michigan $ 14,928
Texas $ 14,832
Alabama $ 14,813
Maine $ 14,657
Washington $ 14,431
Indiana $ 14,396
Kansas $ 13,900
Maryland $ 13,815
Vermont $ 13,573
Illinois $ 13,416
Kentucky $ 13,238
North Carolina $ 13,237
Connecticut $ 12,823
Colorado $ 12,490
South Carolina $ 12,240
Oregon $ 12,094
Florida $ 11,955
California $ 11,815
Arizona $ 11,804
Ohio $ 11,436
Oklahoma $ 11,414
Louisiana $ 10,939
Arkansas $ 10,805
Missouri $ 10,478
Idaho $ 10,208
Tennessee $ 9,628
Mississippi $ 9,306
West Virginia $ 6,936
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