Here’s How Much Americans Have in Savings in Every State
It’s hard to argue with the value of a good savings account. After all, having Federal Deposit Insurance Corp. insurance means that your money is actually safer than it would be hidden under the proverbial mattress. And, with the advent of online banking, you can find plenty of high-yield savings accounts with an annual percentage yield of 2.00% or better. As dark clouds continue forming on the horizon for the U.S. economy, keeping a healthy emergency fund becomes even more important.
Despite all of this, a recent GOBankingRates survey of about 4,500 Americans indicated that roughly one-third of the population has no money in savings. Depending on where you live, your neighbors might be even more woefully unprepared for a recession: The proportion of Americans with no savings ranges from over 70% to under 20% in different states. While it’s important to note that the number of respondents from each state varied greatly — which is difficult to control — this survey data still provides some insight into regional differences in how much money people have socked away.
Alabama
People with $0 in savings: 44.26%
People with $1-$1,000 in savings: 37.7%
People with $1,000 or more in savings: 18.03%
Alaska
People with $0 in savings: 44.44%
People with $1-$1,000 in savings: 22.22%
People with $1,000 or more in savings: 33.33%
Arizona
People with $0 in savings: 49.32%
People with $1-$1,000 in savings: 28.77%
People with $1,000 or more in savings: 21.92%
Arkansas
People with $0 in savings: 58.62%
People with $1-$1,000 in savings: 20.69%
People with $1,000 or more in savings: 20.69%
California
People with $0 in savings: 37.82%
People with $1-$1,000 in savings: 27.27%
People with $1,000 or more in savings: 34.91%
Colorado
People with $0 in savings: 47.95%
People with $1-$1,000 in savings: 15.07%
People with $1,000 or more in savings: 36.99%
Connecticut
People with $0 in savings: 31.25%
People with $1-$1,000 in savings: 12.5%
People with $1,000 or more in savings: 56.25%
Delaware
People with $0 in savings: 16.67%
People with $1-$1,000 in savings: 33.33%
People with $1,000 or more in savings: 50%
Florida
People with $0 in savings: 43.18%
People with $1-$1,000 in savings: 24.55%
People with $1,000 or more in savings: 32.27%
Georgia
People with $0 in savings: 49.52%
People with $1-$1,000 in savings: 26.67%
People with $1,000 or more in savings: 23.81%
Hawaii
People with $0 in savings: 50%
People with $1-$1,000 in savings: 25%
People with $1,000 or more in savings: 25%
Idaho
People with $0 in savings: 64.29%
People with $1-$1,000 in savings: 14.29%
People with $1,000 or more in savings: 21.43%
Illinois
People with $0 in savings: 46.3%
People with $1-$1,000 in savings: 27.78%
People with $1,000 or more in savings: 25.93%
Indiana
People with $0 in savings: 43.94%
People with $1-$1,000 in savings: 30.3%
People with $1,000 or more in savings: 25.76%
Iowa
People with $0 in savings: 54.17%
People with $1-$1,000 in savings: 16.67%
People with $1,000 or more in savings: 29.17%
Kansas
People with $0 in savings: 52.63%
People with $1-$1,000 in savings: 23.68%
People with $1,000 or more in savings: 23.68%
Kentucky
People with $0 in savings: 64.71%
People with $1-$1,000 in savings: 9.8%
People with $1,000 or more in savings: 25.49%
Louisiana
People with $0 in savings: 41.03%
People with $1-$1,000 in savings: 25.64%
People with $1,000 or more in savings: 33.33%
Maine
People with $0 in savings: 46.15%
People with $1-$1,000 in savings: 15.38%
People with $1,000 or more in savings: 38.46%
Maryland
People with $0 in savings: 28.89%
People with $1-$1,000 in savings: 24.44%
People with $1,000 or more in savings: 46.67%
Massachusetts
People with $0 in savings: 38.75%
People with $1-$1,000 in savings: 22.5%
People with $1,000 or more in savings: 38.75%
Michigan
People with $0 in savings: 28.28%
People with $1-$1,000 in savings: 29.29%
People with $1,000 or more in savings: 42.42%
Minnesota
People with $0 in savings: 39.19%
People with $1-$1,000 in savings: 25.68%
People with $1,000 or more in savings: 35.14%
Mississippi
People with $0 in savings: 29.41%
People with $1-$1,000 in savings: 52.94%
People with $1,000 or more in savings: 17.65%
Missouri
People with $0 in savings: 46.97%
People with $1-$1,000 in savings: 25.76%
People with $1,000 or more in savings: 27.27%
Montana
People with $0 in savings: 40%
People with $1-$1,000 in savings: 40%
People with $1,000 or more in savings: 20%
Nebraska
People with $0 in savings: 33.33%
People with $1-$1,000 in savings: 12.5%
People with $1,000 or more in savings: 54.17%
Nevada
People with $0 in savings: 30.43%
People with $1-$1,000 in savings: 43.48%
People with $1,000 or more in savings: 26.09%
New Hampshire
People with $0 in savings: 38.89%
People with $1-$1,000 in savings: 33.33%
People with $1,000 or more in savings: 27.78%
New Jersey
People with $0 in savings: 31.25%
People with $1-$1,000 in savings: 25%
People with $1,000 or more in savings: 43.75%
New Mexico
People with $0 in savings: 66.67%
People with $1-$1,000 in savings: 27.78%
People with $1,000 or more in savings: 5.56%
New York
People with $0 in savings: 37.95%
People with $1-$1,000 in savings: 27.11%
People with $1,000 or more in savings: 34.94%
North Carolina
People with $0 in savings: 42.57%
People with $1-$1,000 in savings: 29.7%
People with $1,000 or more in savings: 27.72%
North Dakota
People with $0 in savings: 33.33%
People with $1-$1,000 in savings: 33.33%
People with $1,000 or more in savings: 33.33%
Ohio
People with $0 in savings: 42.52%
People with $1-$1,000 in savings: 33.07%
People with $1,000 or more in savings: 24.41%
Oklahoma
People with $0 in savings: 41.03%
People with $1-$1,000 in savings: 38.46%
People with $1,000 or more in savings: 20.51%
Oregon
People with $0 in savings: 45.45%
People with $1-$1,000 in savings: 25%
People with $1,000 or more in savings: 29.55%
Pennsylvania
People with $0 in savings: 46.76%
People with $1-$1,000 in savings: 23.02%
People with $1,000 or more in savings: 30.22%
Rhode Island
People with $0 in savings: 70%
People with $1-$1,000 in savings: 10%
People with $1,000 or more in savings: 20%
South Carolina
People with $0 in savings: 39.22%
People with $1-$1,000 in savings: 29.41%
People with $1,000 or more in savings: 31.37%
South Dakota
People with $0 in savings: 71.43%
People with $1-$1,000 in savings: 0%
People with $1,000 or more in savings: 28.57%
Tennessee
People with $0 in savings: 59.38%
People with $1-$1,000 in savings: 15.63%
People with $1,000 or more in savings: 25%
Texas
People with $0 in savings: 45.02%
People with $1-$1,000 in savings: 25.9%
People with $1,000 or more in savings: 29.08%
Utah
People with $0 in savings: 32.26%
People with $1-$1,000 in savings: 25.81%
People with $1,000 or more in savings: 41.94%
Vermont
People with $0 in savings: 16.67%
People with $1-$1,000 in savings: 33.33%
People with $1,000 or more in savings: 50%
Virginia
People with $0 in savings: 40%
People with $1-$1,000 in savings: 24.29%
People with $1,000 or more in savings: 35.71%
Washington
People with $0 in savings: 37.63%
People with $1-$1,000 in savings: 36.56%
People with $1,000 or more in savings: 25.81%
West Virginia
People with $0 in savings: 52.38%
People with $1-$1,000 in savings: 14.29%
People with $1,000 or more in savings: 33.33%
Wisconsin
People with $0 in savings: 39.66%
People with $1-$1,000 in savings: 31.03%
People with $1,000 or more in savings: 29.31%
Wyoming
People with $0 in savings: 50%
People with $1-$1,000 in savings: 33%
People with $1,000 or more in savings: 16.67%
More on Saving Money
2019 Banking Report: Many Americans Don’t Understand the Basics of Banking
25 Ways To Save 20% More of Your Paycheck Without Even Trying
Methodology: GOBankingRates surveyed 5,001 Americans from across the country between July 22 and August 7, 2019, asking six different questions: (1) Are you currently living paycheck to paycheck? (2) Why are you living paycheck to paycheck? Select all that apply; (3) What is your opinion of a universal basic income, a fixed income or stipend provided by the government to all citizens regardless of income or work status? (4) What is your annual income before adjusting for income taxes? (5) How much more money do you need to earn each month to stop living paycheck to paycheck? and (6) How much do you have in your savings and/or investment accounts (not including retirement accounts)? GOBankingRates used Survata’s survey platform to conduct the poll.
This article originally appeared on GOBankingRates.com: Here’s How Much Americans Have in Savings in Every State