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- People in the states with the highest incomes and highest costs of living don’t necessarily have the most in the bank, data from GOBankingRates shows.
- Survey respondents reported the highest savings balances in North Dakota and Nebraska, where a quarter of residents surveyed said they had more than $10,000 in savings.
- Other states that made the list include Michigan and Nevada, along with several traditionally expensive New England states.
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Household savings vary greatly across the US.
GOBankingRates surveyed about 5,000 Americans in 2019 about how much they have in savings and investment accounts, excluding savings for retirement. The survey found people living in states with traditionally high incomes and costs of living, like California and Washington, don’t always have the most wealth in the bank.
Here are the nine states where more than 15% of respondents reported having over $10,000 in savings.
9. Maryland
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Maryland just barely beats out Massachusetts for the ninth spot on the list, by just 0.2%
Percentage reporting between $10,000 and $20,000 in savings: 5.8%
Percentage reporting over $20,000: 10.1%
8. Oregon
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Oregon is the only west coast state to break into the top nine.
Percentage reporting between $10,000 and $20,000 in savings: 5.7%
Percentage reporting over $20,000: 11.3%
7. New Jersey
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This east coast state might have a high cost of living, but its residents also tend to have quite a bit of money in savings.
Percentage reporting between $10,000 and $20,000 in savings: 5.4%
Percentage reporting over $20,000: 12%
See the rest of the story at Business Insider
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- It seems like every expert under the sun recommends an emergency fund, but I don’t have one and I’m fine with that
Source: Business Insider – feedback@businessinsider.com (Liz Knueven)