ATLANTA — A new study from Bankrate shows that high inflation and economic uncertainty are weighing down Americans’ wallets.
While saving may feel like a challenge, the company wanted to see how where you live can make it easier, or harder, to keep money in the bank.
For Georgians, the factors Bankrate looked at showed the state has an easier time than a lot of other states, but when it comes to financial stability and savings, it’s still not in the top 10.
“What is clear from these findings is that taxes and cost of living together create a heavy burden on savers, and the available savings rates in high-cost states does not make up for it,” Bankrate Financial Analyst Stephen Kates, CFP, said. “A state like Hawaii offers both the highest cost of living and the lowest average interest rates. Other high-cost states do not fare much better.”
[DOWNLOAD: Free WSB-TV News app for alerts as news breaks]
The study itself looked at the whole United States, finding that generally, it’s easier to save money in the South and Midwest United States.
Georgia, of course, is in the Southeast.
TRENDING STORIES:
- North GA school district sending students home during major regional power outage
- North GA couple arrested 24 years after man’s body found in Wendy’s parking lot
- Tax Day 2025: Freebies and deals to save you money
Among the 50 states, Georgia ranked in the top 15 for the ease with which its residents can put money away and hold onto it.
“To determine where it is easiest and hardest for Americans to save money, Bankrate compared all 50 states based on seven metrics across three categories, including economic conditions (50%), taxes (25%), and the interest rate environment for certificate of deposits and money market accounts (25%),” Bankrate said.
Bankrate gave Georgia an overall rank of 14th due to a combination of interest rate levels on certificates of deposit and money market accounts, a higher ranking for taxes (meaning lower tax rates) and an overall ranking of 14th for strength of local economy.
While Georgia isn’t in the top 10, it’s still among the top 15 for ease of saving.
Across the U.S., Tennessee is the easiest place to save money thanks to its lower tax burden and lower costs of living, Bankrate reported.
On the flip side, Hawaii is the hardest due to its high cost of living and a five-year decline in employment rates.
[SIGN UP: WSB-TV Daily Headlines Newsletter]
©2025 Cox Media Group
