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.
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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.”
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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.
The 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
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