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Map Illustrates the No. 1 Financial Challenge of Americans in Every State

New survey data collected from over 10,000 Americans shows the biggest financial concerns of residents in every U.S. state

GOBankingRates.com is a leading portal for personal finance news and features, offering visitors the latest information on everything from interest rates to strategies on saving money and getting out of debt. Its editors are regularly featured on top-tier media outlets, including U.S. News & World Report, MSN Money, Daily Finance, Huffington Post, Business Insider and many more. It also specializes in connecting consumers with the best banks, credit unions and interest rates nationwide.

News provided by

GOBankingRates

Sep 15, 2015, 08:15 ET

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LOS ANGELES, Sept. 15, 2015 /PRNewswire/ -- Paying for higher education is the biggest financial challenge for Californians while planning for retirement concerns New Yorkers the most, according to GOBankingRates' newest 2015 Life + Money survey.

The leading personal finance website asked residents in all 50 U.S. states and the District of Columbia, "What's your biggest financial challenge?" with the following answer options:

Continue Reading
GOBankingRates' Map Showcases Biggest Financial Challenge in Each State
GOBankingRates' Map Showcases Biggest Financial Challenge in Each State
GOBankingRates identifies America's biggest challenges, thoughts and fears about money in 2015.
GOBankingRates identifies America's biggest challenges, thoughts and fears about money in 2015.

  • Planning for retirement
  • Saving for a home
  • Saving up an emergency fund
  • Sticking to a budget
  • Building an investment portfolio
  • Paying for higher education
  • Paying off credit cards

Overall, 1 in 5 Americans said sticking to a budget is their biggest challenge and another 1 in 5 report planning for retirement is their focus.

To see the full analysis on financial challenges in each state, visit: http://www.gobankingrates.com/retirement/heres-1-financial-challenge-americans-state/

"We saw a relationship between the biggest financial challenge in a given state and the local economic conditions in many cases. Californians, for instance, are most challenged by paying for higher education, where the UC system happens to be under scrutiny for massive tuition hikes," said Casey Bond, editor-in-chief of GOBankingRates.com. "It's also not a huge surprise that retirement planning is the biggest financial challenge among Americans overall, given near-zero interest rates and ongoing market volatility."

Key findings of the study include:

  • West: 60 percent of Western states are most concerned with sticking to a budget — the No. 2 overall biggest challenge for Americans.
  • Midwest: Two-thirds of Midwest states say retirement planning is their biggest challenge.
  • No Place like Home: Saving for a home and building an investment portfolio are not among the biggest concerns for residents of any state.

No. 1 Financial Challenge of Americans in Every State:

State

Most Common Challenge

State

Most Common Challenge

Alabama

Planning for retirement

Montana

Tie: Planning for retirement and sticking to a budget

Alaska

Paying off credit cards

Nebraska

Sticking to a budget

Arizona

Tie: Planning for retirement and sticking to a budget

Nevada

Sticking to a budget

Arkansas

Paying for higher education

New Hampshire

Paying off credit cards

California

Paying for higher education

New Jersey

Planning for retirement

Colorado

Sticking to a budget

New Mexico

Sticking to a budget

Connecticut

Planning for retirement

New York

Sticking to a budget

D.C.

Paying for higher education

North Carolina

Sticking to a budget

Delaware

Planning for retirement

North Dakota

Planning for retirement

Florida

Planning for retirement

Ohio

Sticking to a budget

Georgia

Planning for retirement

Oklahoma

Planning for retirement

Hawaii

Paying for higher education

Oregon

Sticking to a budget

Idaho

Sticking to a budget

Pennsylvania

Planning for retirement

Illinois

Sticking to a budget

Rhode Island 

Sticking to a budget

Indiana

Planning for retirement

South Carolina 

Sticking to a budget

Iowa

Planning for retirement

South Dakota

Saving up an emergency fund

Kansas

Planning for retirement

Tennessee

Sticking to a budget

Kentucky

Sticking to a budget

Texas

Sticking to a budget

Louisiana

Planning for retirement

Utah

Paying for higher education

Maine

Paying off credit cards

Vermont

Planning for retirement

Maryland

Planning for retirement

Virginia

Planning for retirement

Massachusetts

Planning for retirement

Washington

Planning for retirement

Michigan

Planning for retirement

West Virginia

Planning for retirement

Minnesota

Planning for retirement

Wisconsin

Planning for retirement

Mississippi

Sticking to a budget

Wyoming

Tie: Planning for retirement and sticking to a budget

Missouri

Planning for retirement

Source: GOBankingRates 2015 Life + Money Survey

Click here for demographic insights for gender, income and age.

Methodology: The 2015 Life + Money Survey is comprised of findings from five Google Consumer Surveys conducted in July and August 2015. Sample sizes range from 1,000 to 10,003 respondents of U.S. adults ages 18 and older. All surveys are representative of the U.S. internet population with a margin of error of 2.2 percent or lower. For the complete methodology, visit gobankingrates.com/lifemoney2015/.

About GOBankingRates

GOBankingRates.com is a leading portal for personal finance and consumer banking information, offering visitors the latest on everything from finding a good interest rate to strategies for saving money, investing for retirement and getting a loan. Its editors are regularly featured on top-tier media outlets, including U.S. News & World Report, Forbes, Business Insider, DailyFinance, Huffington Post and more. It specializes in connecting consumers with the best financial institutions and banking products nationwide.

Contact:

Roxy Barghahn, Media Relations
GOBankingRates.com
[email protected]
310-297-9233 x 202

Logo - http://photos.prnewswire.com/prnh/20130926/LA86996LOGO
Photo - http://photos.prnewswire.com/prnh/20150914/266300 
Photo - http://photos.prnewswire.com/prnh/20150914/266299-INFO

SOURCE GOBankingRates

Related Links

http://www.gobankingrates.com

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