New York Among the Top 5 States for Saving Money

If you're living in the Empire State, you might be doing better than you think when it comes to saving your hard-earned money. In a recent study, New York ranked as the fifth thriftiest state in the nation, showing its dedication to financial stability and smart money management.

What makes New York stand out in the crowd? For starters, the state has the lowest debt-to-income ratio compared to others. This means that New York is keeping their debt in check and are focusing on their savings. New Yorkers also has the second-highest interest in searches related to savings and investments, showing they care about their financial portfolios.

But how does New York compare to other states? Vermont takes the crown as the easiest state to save money, with below-average household debt-to-income ratio, high rates of homeownership. Vermont is followed by Maine and Delaware for being top states for saving money.

Get our free mobile app

On the other side of the spectrum, Mississippi ranks as the hardest state to save money, having challenges like high personal bankruptcy rates and low interest in savings and investments.

According to personal finance experts at Moneywise, who conducted an analysis of each state's financial standing, New York is positioned to benefit from the rebounding economy...whenever that may be.

With factors like consumption patterns, debt levels, homeownership rates, Moneywise has an index where New York will shine as a state that knows how to make the most of its money. So, if you're a savvy saver that lives in the Empire State, keep up the good work!