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Vermonters saving less than in most other states


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.”

Which States Save the Most?

The survey, which polled 5,000 Americans (100 from each state), aimed to see who was the most savings-conscious.

So, who saves the most? Drumroll, please…

New Yorkers!

Yup, they’re officially the most savings-conscious residents, putting away 14.5% of their income towards savings goals or towards investment accounts. Georgia got second place at 12.9% with Texas, Ohio and California close behind.

States saving the largest percentage of their incomes

  1. New York: 14.5%
  2. Georgia: 12.9%
  3. Texas: 12.7%
  4. Ohio: 11.6%
  5. California: 11.5%
  6. Florida: 11.4%
  7. Hawaii: 10.8%
  8. Arizona: 10.5%
  9. Illinois: 10.5%
  10. Pennsylvania: 10.3%
  11. New Jersey: 10.3%

Which States Save the Least?

As for the rest of the nation, most residents from the remaining states put away less than 10% of their incomes.

Sure, impulse shopping for things that you’ve had an eye on for a while (our May survey found that 21% of Americans were doing exactly that) may temporarily relieve anxiety when your stress levels are through the roof. However, if you think about it, having a stash of cash in a bank account in case things don’t bode well can help you sleep better at night.

States saving the smallest percentage of their incomes

  1. Vermont: 6.5%
  2. Idaho: 6.7%
  3. Tennessee: 7%
  4. Maine: 7.1%
  5. North Dakota: 7.5%
  6. Mississippi: 7.5%
  7. Michigan: 7.9%
  8. Missouri: 8.0%
  9. Wisconsin: 8.1%
  10. Delaware: 8.1%

Percentage of Income Saved vs Total Dollars Saved

Now our survey findings don’t suggest that a lower savings percentage meant saving less overall. In fact, Americans surveyed tucked away an average of $17,135 into a savings or investment account.

Residents of the Mount Rushmore State — aka South Dakota — report putting an average of $24,497 into savings. West Virginia, on the other hand, saved the least overall with an average of $6,936. Tennessee residents came in close at $9,628.

slickdeals survey state by state savings

Credit: Slickdeals

Americans Are Saving Differently

No matter how much those polled saved, what matters is…



Read More: Vermonters saving less than in most other states

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