Nevada ranks as America's Second Toughest State for Saving Money
Nevada is the second-hardest state to save money in America
Nevada is the second-hardest state to save money, recording the highest unemployment rate of all 50 states at 5.40%.
Mississippi is the hardest state to save money, with high personal bankruptcy rates and low searches for terms related to savings and investments.
Vermont is the easiest state to save money, recording a below-average household debt-to-income ratio, high homeownership rates, and high average monthly search interest for saving and investment-related terms.
The US Bureau of Economic Analysis review of 2023’s third quarter reveals that disposable personal income (DPI) per capita is on the rise, as is the nation’s GDP, which has grown by 4.9%, defying financial analysts’ predictions of an imminent recession.
With this in mind, personal finance experts at Moneywise have looked at which of the 50 states are best placed to benefit from the rebounding economy.
They analyzed seven measures relating to financial astuteness and scored each state out of 100 as part of their index. The factors incorporated within the index include average consumption as a percentage of personal income, household debt to income ratio, rate of homeownership, unemployment rates, personal bankruptcy rates, unbanked rates, and average monthly Google searches for terms related to savings and investments.
