Where is Florida on list of the best and worst states for saving money? Saving money has always been pretty tough, right? Especially with the rising cost of living. The Federal Reserve Bank of St. Louis reports that the personal savings rate has dropped from over 20% to 5.1% as of March 2023. However, where you live can make a big difference in how much you can save.
Forbes Advisor has recently compiled data from all 50 states and the District of Columbia to determine the best and worst states for saving money. They analyzed 10 metrics across four categories: income and debt, cost of living, taxes, and housing. Sorry to say our great state of Florida ranks #11 on the Worst States For Saving Money. Can you lend me $100 bucks till next month?
Overall, it’s important to be mindful of where you live and how it affects your ability to save. If you’re struggling to save in a more challenging state, it may be worth considering a move to a more affordable state. Forbes
Here are some key takeaways from their findings:
The Easiest State
On the other hand, North Dakota is the easiest state for saving money, thanks to its affordability and low debt-to-income ratio. South Dakota, West Virginia, Missouri, and Ohio follow as the next easiest states to save in.
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Top 5 Best States For Saving Your Cash
1. North Dakota
2. South Dakota
3. West Virginia
4. Missouri
5. Ohio
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Top 5 Worst States For Saving Your Cash
1. Hawaii
2. California
3. Maryland
4. New York
5. New Jersey
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