Salinas Beats Out Sacramento
According to A. G. Edwards, America’s average personal saving rate has plummeted in the last 20 years to now compare with levels in the 1930’s – think Great Depression. And if that’s not bad news enough, we have one of the lowest rates in the industrialized world.
Only 53% of Americans have a formal retirement plan and half of American households have $10,000 or less in an employment based retirement plan. And all this is happening when the cost of things we need to be saving for – education, health care – are increasing dramatically.
When the information is analyzed by state, New Jersey comes out on top with Mississippi on the bottom. California is ranked 32nd, below the national average. San Jose tops the list of 200 metropolitan areas with Jamestown, NY at the bottom. San Francisco just beats out Oakland. But Sacramento didn’t fare too well. We came in at 174th, lowest of all of the California metropolitan areas. Even below Salinas, at 138th! Best state, Wisconsin, with 6 metropolitan areas in the top 50 - all 8 of its areas above average.
A.G. Edwards gives a checklist of 12 tips to help people to get back on track in the savings department. Maybe we should hand it out at the library. In the meantime, here’s a link.
Gillian Parrillo
The Sacramento Executive
