Study: R.I. has 6th-most financially stable residents in nation

RHODE ISLAND ranked No. 6 in an analysis by the website Uplift Legal Funding assessing the financial status of residents in each state using six factors based on data from the U.S. Bureau of Economic Analysis, the Federal Reserve and Google Keyword Planner. / COURTESY UPLIFT LEGAL FUNDING

PROVIDENCE – A study conducted by the website Uplift Legal Funding concluded that Rhode Island has some of the most financially stable residents in the U.S., based on spending, savings, bankruptcy data and other criteria.

Rhode Island ranked No. 6 in the country in an analysis of six financial factors, including consumption of annual income as a percentage; percentage of income saved; household debt-to-income ratios; annual personal bankruptcy rates; and the number of savings and debt-related Google searches per state on a per capita basis.

The data came from the U.S. Bureau of Economic Analysis, the Federal Reserve and Google Keyword Planner.

New York ranked No. 1, followed by Connecticut at No. 2 and Massachusetts at No. 3. Montana’s residents were deemed the most in need of financial assistance in the nation, according to the study.

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The analysis found that Rhode Island’s average consumption as a percent of income was 82.5% and the percent of income saved was 17.5%; household debt-to-income ratio was 1.60 (higher than Connecticut’s 1.32 and Massachusetts’ 1.24); and the state’s personal bankruptcy rate was 90.5 out of every 1,000 residents.

The study also examined internet searches related to savings and debt. Rhode Island residents conducted 434.3 Google searches in a year related to savings per 100,000 residents. And Rhode Islanders conducted 333.7 debt-related searches per 100,000 residents.

The top 10 most financially stable states in the U.S. in terms of personal finance were: New York, Connecticut, Massachusetts, Wyoming, South Dakota, Rhode Island, Washington, New Jersey, Oklahoma and California.

The 10 most financially challenged were: Montana, Maine, Missouri, Delaware, Alabama, Oregon, Utah, Florida, Arizona and South Carolina, according to the analysis.

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