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.
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.”
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
Rhode Island $20,227
North Dakota $19,185
New York $16,609
New Jersey $15,151
New Mexico $15,039
North Carolina $13,237
South Carolina $12,240
West Virginia $6,936