Money Saving Tips in Ohio

DAYTON, Ohio (WDTN) — If you’re trying to fill that piggy bank, Ohio isn’t the worst place to live on just your savings, according to Consumer Affairs.

The consumer platform reports that it would take the average Ohioan 102 days to go bankrupt living on savings alone. This number was arrived at by taking the average amount of money Americans have in savings ($9,647) and calculating how quickly it would run out while paying a mortgage or rent, utilities, gas and food, based on survey data.

Consumer Affairs shows where you would fare better and worse if you only had your savings to live on. (Graphic courtesy of Consumer Affairs)

Money is running out even faster in Hawaii at 62.5 days. Rounding out the top 10 are Washington, DC (72.1 days and technically not a US state), Massachusetts (73.6 days), New Jersey (74.8 days), Connecticut (76.3 days), Maryland (77.9 days), Washington (79 days), New York (79.9 days) and Colorado (80.8 days).

So where should you go if you just lost your job or only have $9,647 to live on?

In Wyoming, you can do this for 109.7 days. Rounding out the Tie State are Arkansas (109.6 days), South Dakota (109.3 days), North Dakota (108.6 days), Montana (107.3 days) and Iowa (104.8 days), Kansas (104.4 days), West Virginia (103.9 days). days), Wisconsin (103.0 days), Ohio (102.9 days).

On average, Americans can save 91 days before going bankrupt while paying the most basic expenses.

Millennials have more savings than Gen X

In a reversal, millennials have more overall savings ($9,900) than members of the previous generation, Gen X ($9,400), according to data from the Consumer Affairs survey. However, this does not take into account retirement savings, for which Gen Xers have $50,500 on average, compared to $28,100 for Millennials.

The biggest generational divide is between Gen Z, which follows Millennials, and Baby Boomers, who precede Gen X. Gen Z has, on average, $3,400 in savings and $12,300 saved for the retirement, and baby boomers have $10,200 in savings and $52,500 saved for retirement.

Comments are closed.