From WalletHub November 24, 2014
With the biggest shopping event of the year just a few days away and America’s addiction to debt and spending continuing to be a problem, the leading personal finance social network WalletHub aims to raise awareness on the issue with an in-depth analysis of 2014’s States with the Biggest Spenders.
- Hawaii ranks 44th (8th most frugal) when spending is adjusted for cost of living and income.
- Hawaii ranks 30th when spending is not adjusted.
- Hawaii is #1 (tied with Nevada) for “highest percentage of the population spending more than they make”.
On the heels of our recent report on the Best & Worst Retailers for Black Friday Deals, we sought to identify the states where Americans are blowing the most cash. We did so by examining 10 key metrics such as personal spending on various categories, the number of cars per household, and auto and credit card debt.
Spending in Hawaii (1=Biggest; 25=Avg.)
- 43rd – Personal Expenditure on Food & Beverages
- 51st – Personal Expenditure on Gasoline & Other Energy Goods
- 26th – Personal Expenditure on Housing & Utilities
- 51st – Personal Expenditure on Health Care
- 51st – Personal Expenditure on All Other Consumption
- 33rd – Number of Cars per Household
- 49th – Auto & Credit Card Debt
- 47th – Annual Consumer Savings Account Averages
- 50th – Average Home Square Footage
Note: Spending, savings and debt figures are adjusted by income and cost of living.
For the full report, please visit: http://wallethub.com/edu/states-with-biggest-spenders/8491/