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 compared to any other state, according to a new poll of 5,000 Americans from all 50 states.

Interestingly, the results also showed that 58% of those polled said COVID-19 has completely changed how they approach savings, with 53% saying they’ve started saving for different things since the pandemic started.

Of those surveyed, the top thing they were saving for was found to be an emergency of some kind (32%) followed closely by retirement (31%), with a new car coming in at a distant third (20%).

But the respondents are also making a much greater effort to put money away. Nearly six in ten (59%) say they are officially cutting back on their spending towards this effort.

The survey, conducted by OnePoll on behalf of Slickdeals, aimed to uncover data around how people in different states are reacting to their finances in the wake of the pandemic.

Of those cutting back, taking advantage of deals and discounts instead of buying at retail price (45%) was a popular method, as well as getting less take-out (44%) and making coffee at home rather than getting their caffeine fix from a pricey cafe.

“Cutting back on your spending does not always require drastically altering your lifestyle,” said Ryan Tronier, senior personal finance editor at Slickdeals. “Once saving money becomes a priority, you can start to make minor changes that start to add up over time.”

Top Savers By State

The saving-conscious New Yorkers are putting away, on average, 14.5% of their income towards savings goals or investment accounts.

Georgia came in second place with 12.9%, and Texas placed third with 12.7%—with residents from nearly every other state tucking less than 10% away for future goals.

he average respondent was found to have $17,135 locked away in a savings or investment account, with people from South Dakota 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).

TOP STATES FOR MOST MONEY SOCKED AWAY…

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