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Wednesday, November 26, 2014

California Is Pretty Frugal: State Ranks Fourth in Penny Pinching

Posted By on Wed, Nov 26, 2014 at 12:32 PM

We love a good sale! - VITALINKA/SHUTTERSTOCK

It's hard to tell what's most important to American families this time of year: quality time with loved ones around the dinner table on Thanksgiving or hours spent among the violent crowds in desperate search of bargains on Black Friday.

You'd be right to assume the latter when it comes to California, but this next bit of information will require a double take. The folks over at finance site WalletHub rank California as the state with the fourth most frugal consumers.

Please pardon our skeptics,  but surely the experts at WalletHub have us confused with another state that goes by the name California. You see, the California we're affectionately familiar with, is home to the Kardashians and expensive home prices. We're many things, but thrifty clearly isn't one of them.

According to WalletHub, the point of the study is to raise awareness of America's growing addiction to debt. They considered 10 metrics and here's how California ranks:

  • 48th – Personal Expenditure on Food & Beverages
  • 47th – Personal Expenditure on Gasoline & Other Energy Goods
  • 25th – Personal Expenditure on Housing & Utilities
  • 49th – Personal Expenditure on Health Care
  • 49th – Personal Expenditure on All Other Consumption
  • 44th – Auto & Credit Card Debt
  • 48th – % of the Population Spending More than They Make
  • 48th – Annual Consumer Savings Account Averages
  • 29th – Average Home Square Footage
Guess we're not as wasteful and irresponsible after all. So then who are the big spenders in America? That distinction goes to Mississippi, Idaho, New Mexico, Alabama and Utah. Perhaps we should cash in and offer these other states workshops on smart spending. We're sure there's a reality TV star or two who are in need of new gigs.

For events in San Francisco this week and beyond, check out our calendar section. Follow us on Twitter at @ExhibitionistSF, Jonathan at @jonramos17, and like us on Facebook.
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Jonathan Ramos

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