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Is California a Financially Savvy State?

personal financial planning concept - napkin doodle with espresso coffee cup and coins on a grunge wooden tableAccording to professionals at Wallet Hub, a personal finance resource on the web, California is one of the most financially savvy states in the nation. In fact, California came in #12 on the list of 2016‘s Most & Least Financially Savvy States. Not bad, huh?

We all know that being financially savvy is crucial to every well-functioning household. Did you know that it is just as important collectively? When residents of a state practice good money habits, the result is positive financial power. That positive financial power can be a major incentive in driving businesses to open operations in that state. When businesses open up, that brings more jobs to the state, which can boost the area’s tax revenues. Those savings are ultimately distributed back to consumers.

In order to gauge the overall budgeting capability of Americans, Wallet Hub compared all 50 states along with the District of Columbia, accessing four key measurements:

  1. Spending and Debt
  2. Wallet Hub Financial Literacy Score
  3. Credit
  4. Saving

The top five most financially savvy states are:

  1. Minnesota
  2. New Hampshire
  3. North Dakota
  4. Connecticut
  5. New York

The main findings that made California come in #12 on the list of financially savvy states include:

  • #3 for lowest foreclosure rate
  • #3 for the percentage of lowest credit usage
  • #3 for the percentage of population NOT spending more than they earn
  • #5 for the highest percentage of the population with rainy day funds
  • #4 in highest total debt as the percentage of median income

The data used to create these rankings were collected from the U.S. Census Bureau, Administrative Office of the U.S. Courts, CoreLogic, Department of Commerce – Bureau of Economic Analysis, TransUnion, FINRA Investor Education Foundation, Federal Reserve Bank of New York, Federal Deposit Insurance Corporation, Pitney Bowes and WalletHub research.

If you are interested in moving to California, one of the nation’s most financial savvy states, I want you to think about the Santa Barbara area, a region I consider to be not only financially savvy but also beautiful, fun and sophisticated. Call me at 805.886.9378 or email me at Cristal@montecito-estate.com. I am happy to show you what’s on the market in Montecito, Hope Ranch or any of Santa Barbara’s upscale communities. I would also be happy to help local residents sell their home here. Let’s discuss your needs. I’m here to help.

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