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Avg Georgian Ranks Near Top for % of Income Stashed Away in Savings Account

58% of those polled say that COVID-19 has completely changed how they approach savings.
The average American polled was found to have $17,135 locked away in a savings or investment account.

  • New Yorkers are the most savings-conscious Americans, putting away 14.5% of their income towards savings goals or investment accounts
  • Georgia came in second place at 12.9%, TexasOhio and California close behind, while nearly every other state reported putting less than 10% away for future goals.

A recent survey of 5,000 Americans (100 from each state), conducted by OnePoll on behalf of Slickdeals, aimed to uncover data around how people in different states are reacting to their finances in light of the pandemic.

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

The average American polled was found to have $17,135 locked away in a savings or investment account, with people from South Dakota leading the way with an 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).

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 results showed that Americans are now 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.

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.”

One of the more concerning stats to come from the survey was that just over one in three Americans polled (35%) actually think they will be able to retire some day.

Younger Americans (Gen Z and millennial respondents) were the least likely to say they feel as if they will be able to retire in the future.

Tronier added, “Making smart purchase decisions and looking for deals or coupons is a great way to accelerate your savings. At Slickdeals, we’ve assembled the largest community of savvy shoppers so users can score the best deals on the best products, with insight from millions of real people.”

AVERAGE SAVINGS BY STATE

Alabama

$14,813

Alaska

$17,491

Arizona

$11,804

Arkansas

$10,805

California

$11,815

Colorado

$12,490

Connecticut

$12,823

Delaware

$17,451

Florida

$11,955

Georgia

$17,562

Hawaii

$19,613

Idaho

$10,208

Illinois

$13,416

Indiana

$14,396

Iowa

$16,738

Kansas

$13,900

Kentucky

$13,238

Louisiana

$10,939

Maine

$14,657

Maryland

$13,815

Mass.

$19,565

Michigan

$14,928

Minnesota

$15,884

Missouri

$10,478

Montana

$22,522

Nebraska

$18,517

Nevada

$16,752

New Hamp.

$24,187

New Jersey

$15,151

New Mexico

$15,039

New York

$16,609

N. Carolina

$13,237

N. Dakota

$19,185

Ohio

$11,436

Oklahoma 

$11,414

Oregon

$12,094

Penn.

$20,252

Rhode Isl.

$20,227

S. Carolina

$12,240

S. Dakota

$24,497

Tennessee 

$9,628

Texas

$14,832

Utah

$15,066

Vermont

$13,573

Virginia

$17,245

Washington

$14,431

W. Virginia

$6,936

Wisconsin

$18,725

Wyoming

$22,626

To learn more about the survey, click here.

 

1 Comment

1 Comment

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    November 25, 2020 at 5:36 pm

    a penny saved is a penny earned!

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