Business

WalletHub Ranks Hawai’i 8th in Frugality

November 24, 2014, 9:23 AM HST
* Updated November 24, 9:24 AM
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Hawai’i is the eighth most frugal state in the country, according to a WalletHub study released Monday. As Black Friday, Cyber Monday, and array of other shopping days this holiday season loom, WalletHub, the leading personal finance social network, released the information in hopes to raise awareness on the issue of debt and spending in the United States.

An increase in global spending from 2010 to 2020 is estimated to skyrocket by 43 percent. According to a report from consulting firm A.T. Kearney, the U.S. will account for a quarter of the increase from $28 trillion to $40 trillion.

In its study, WalletHub identified the states where Americans are spending the most money. The method followed the examination of 10 key metrics, including personal spending in various categories including cars per household, as well as auto and credit card debt. The study included all 50 states and the District of Columbia.

Hawai’i’s rankings for spending can be seen broken down below. States with the lowest spending, considered the most “frugal,” are ranked higher, with 51 being the highest, while the biggest spending states are ranked lower, beginning at one.

Spending, savings, and debt figures were all factored and adjusted by income and cost of living in each state.

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Personal Expenditure on Housing and Utilities – 25th

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Number of Cars per Household – 33rd

Personal Expenditure on Food and Beverages – 43rd

Annual Consumer Savings Account Averages – 47th

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Auto and Credit Caro Debt – 49th

Average Home Square Footage – 50th

Personal Expenditure on Health Care – 51st

Personal Expenditure on All Other Consumption – 51st

Personal Expenditure on Gasoline and Other Energy Goods – 51st

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