Alabama can lay claim to another top ranking.
According to Forbes Advisor, Alabama is first in a new study of the states where residents are most and least financially disciplined.
The Yellowhammer State scored 83.28 out of 100 points. It’s followed by Arkansas (81.56), New Jersey (80.82), Washington (80.71) and Colorado (80.33).
According to the survey, Alabama residents lead the nation in following a budget and savings.
Some 82% of Alabamians follow their budget compared to just 33% (3 in 10) of Americans. In saving, 63% of the residents say they always save a portion of their monthly income. That compares with nearly 1 in 3 Americans (29%) who say they always save a portion of their paychecks, the survey said.
Other factors are:
- No. 3 ranking among states (behind Delaware and Washington) where residents say they regularly contribute to a 401(k) or IRA (61%).
- Fifth-place tie with Arizona and New Mexico among states where residents say they pay their credit card balances in full each month (78%).
- No. 10 ranking among states where residents indicate they had a budget in place (68%).
However, not all is positive in the survey.
Alabama is first among states where residents say they took out a payday loan in the past three years (62%). Also, the state is tied with New Jersey at 69% for impulse buying.
Don’t miss out! Subscribe today to have Alabama’s leading headlines delivered to your inbox.