Here’s How Much Americans Have in Savings in Every State

If you're asking, "How much should I save?" financial experts typically recommend having enough set aside to cover three to six months of expenses. Having an emergency fund like this will help keep you afloat financially when the unexpected happens. But if you're like most people, you don't have nearly that much in a savings account.

A new GOBankingRates survey found that 57 percent of respondents have less than $1,000 saved. That's an improvement over 2016, when we found in a similar survey that 69 percent of respondents had less than $1,000 set aside. However, the percentage of people with $0 in savings has climbed to 39 percent from 34 percent in 2016.

To find out how your savings account balance compares, click through to see how much Americans have in savings accounts.

Alabama

• Percentage of residents with $0 saved: 40%
• Percentage of residents with less than $1,000 saved: 63%

Alabama actually is the best state for your money in 2017 because it has some of the best savings account rates in the U.S. However, 40 percent of the state’s residents don’t have any money in a savings account. That’s an increase from 2016, when 25 percent of respondents said they had $0 saved.

Alaska

• Percentage of residents with $0 saved: 45%
• Percentage of residents with less than $1,000 saved: 58%

A higher percentage of Alaska residents have $0 in a savings account this year than in 2016 — 45 percent versus 32 percent. Alaska’s unemployment rate of 7 percent is the highest in the nation, according to July 2017 data from the Bureau of Labor Statistics.

Plus, the cost of living in Alaska is among the highest in the U.S. So, residents might be trying to survive paycheck to paycheck and have little left over to save. They might need to take steps to build their savings.

Arizona

• Percentage of residents with $0 saved: 43%
• Percentage of residents with less than $1,000 saved: 62%

The percentage of residents in Arizona with $0 saved has climbed to 43 percent from 34 percent in 2016. The state’s unemployment rate of 5.1 percent is higher than the national rate of 4.3 percent, according to the BLS. This could be putting a pinch on some residents and making it harder to save.

Arkansas

• Percentage of residents with $0 saved: 35%
• Percentage of residents with less than $1,000 saved: 59%

Arkansas has one of the lowest percentages of residents with $0 saved. However, 59 percent of residents have less than $1,000 in savings. But, this is an improvement over 2016, when 68 percent of residents had less than $1,000 saved.

California

• Percentage of residents with $0 saved: 39%
• Percentage of residents with less than $1,000 saved: 56%

The cost of living in California is high, which might explain why the percentage of residents with $0 saved has grown to 39 percent from 33 percent in 2016. However, the news isn’t all bad. The percentage of residents with less than $1,000 saved has shrunk from 69 percent to 56 percent — suggesting that those with savings now have more set aside.

Colorado

• Percentage of residents with $0 saved: 41%
• Percentage of residents with less than $1,000 saved: 59%

That Rocky Mountain high doesn’t translate to a high savings rate in Colorado. In fact, the only thing that’s gotten higher over the past year is the percentage of residents with $0 saved — which is up to 41 percent from 35 percent in 2016. Perhaps it’s because residents are dealing with a potential housing bubble in Colorado.

Connecticut

• Percentage of residents with $0 saved: 40%
• Percentage of residents with less than $1,000 saved: 60%

Connecticut’s median household income of $70,331 is well above the national median. Yet, 60 percent of the state’s residents have less than $1,000 in a savings account. It could be because the state’s cost of living is among the highest in the nation, leaving residents with little to set aside in savings after covering everyday costs.

Delaware

• Percentage of residents with $0 saved: 41%
• Percentage of residents with less than $1,000 saved: 64%

Delaware might be the best state to retire rich thanks to low taxes there. But the state’s residents don’t seem to be doing a much better job than others setting money aside for a rainy day. Our survey found that 64 percent of respondents have less than $1,000 saved.

District of Columbia

• Percentage of residents with $0 saved: 48%
• Percentage of residents with less than $1,000 saved: 64%

Living in the nation’s capital comes with a big price tag. In fact, it’s one of the most expensive places to live in the U.S. That might explain why nearly half of the respondents here have $0 in a savings account.

Florida

• Percentage of residents with $0 saved: 38%
• Percentage of residents with less than $1,000 saved: 52%

The percentage of Florida residents with less than $1,000 saved has dropped to 52 percent from 71 percent in 2016. It’s now among the states with the lowest percentage of respondents who have $0 in a savings account.

Savings might have gotten a boost in the state because Florida’s unemployment rate dropped from 4.9 percent to 4.1 percent over the past year.

Georgia

• Percentage of residents with $0 saved: 44%
• Percentage of residents with less than $1,000 saved: 61%

More than 60 percent of Georgia residents have less than $1,000 saved. That’s down from 75 percent in 2016 — but it's still a high percentage of people with a relatively small amount set aside. Even saving small amounts can add up over time if you find room in your budget to do it consistently.

Hawaii

• Percentage of residents with $0 saved: 47%
• Percentage of residents with less than $1,000 saved: 66%

Hawaii is the No. 1 state where you’re most likely to live paycheck to paycheck. The high cost of living here might make it hard for residents to find room in their budgets to set aside money in a savings account. The survey found that 66 percent of respondents here have less than $1,000 set aside.

Idaho

• Percentage of residents with $0 saved: 43%
• Percentage of residents with less than $1,000 saved: 55%

Idaho’s low median household income of $47,583 could make it difficult for some residents to find extra cash to set aside in a savings account. The percentage of residents here with $0 saved has jumped to 43 percent from 36 percent in 2016.

Illinois

• Percentage of residents with $0 saved: 39%
• Percentage of residents with less than $1,000 saved: 56%

Illinois residents appear to be setting aside more money in savings this year. The percentage of residents with less than $1,000 saved has shrunk from 71 percent in 2016 to 56 percent.

Indiana

• Percentage of residents with $0 saved: 40%
• Percentage of residents with less than $1,000 saved: 57%

Indiana is one of the states least likely to live paycheck to paycheck thanks to a low cost of living. Yet, 57 percent of the state’s residents have less than $1,000 in a savings account. Perhaps they’re mindlessly burning through paychecks rather than paying themselves first.

Iowa

• Percentage of residents with $0 saved: 30%
• Percentage of residents with less than $1,000 saved: 48%

Iowa has seen a big improvement in its savings rate over the last year. The percentage of residents with $0 saved fell from 36 percent in 2016 to 30 percent. And more than half have $1,000 or more in savings — compared with about one-third in 2016.

Kansas

• Percentage of residents with $0 saved: 27%
• Percentage of residents with less than $1,000 saved: 40%

The median household income of $52,205 in Kansas is lower than the national median income. Yet, Kansas has the lowest percentage of residents with $0 saved. And, 38 percent of respondents have $10,000 or more saved. It goes to show that it's possible to save money even on a tight budget.

Kentucky

• Percentage of residents with $0 saved: 39%
• Percentage of residents with less than $1,000 saved: 51%

Although more than half of Kentucky’s residents have less than $1,000 saved, one-third have more than $10,000 saved. Unfortunately, it’s one of the worst states for your money because the median rates on bank accounts here are low.

Louisiana

• Percentage of residents with $0 saved: 43%
• Percentage of residents with less than $1,000 saved: 62%

A large percentage of Louisiana’s residents might have $0 set aside because of the state’s low median household income of $45,047. In fact, because of low wages, Louisiana is one of the worst states for families to live a richer life.

Maine

• Percentage of residents with $0 saved: 36%
• Percentage of residents with less than $1,000 saved: 52%

Savings accounts might have gotten a boost in Maine over the past year. The percentage of residents with more than $1,000 in savings grew to 48 percent from 30 percent in 2016. However, more than one-third of residents have $0 saved, which might be a result of the state’s low median household income of $49,331.

Maryland

• Percentage of residents with $0 saved: 42%
• Percentage of residents with less than $1,000 saved: 57%

Maryland’s median household income of $74,551 is about $20,000 higher than the national median. Yet, more than half of the state’s residents have less than $1,000 in a savings account. It might be because residents are focusing on paying off debt rather than saving because debt is the biggest money fear in the state, a GOBankingRates’ survey found.

Massachusetts

• Percentage of residents with $0 saved: 48%
• Percentage of residents with less than $1,000 saved: 61%

Massachusetts has the highest percentage of residents in our survey with absolutely nothing saved — 48 percent. In total, 61 percent of its residents have less than $1,000 saved. The state’s high cost of living — the sixth highest in the U.S. — might play a role in the low savings rate here.

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Michigan

• Percentage of residents with $0 saved: 40%
• Percentage of residents with less than $1,000 saved: 58%

Even though Michigan’s unemployment rate dropped over the past year from 4.9 percent to 3.7 percent, residents don’t seem to be finding room in their budget to save more. In fact, the percentage of residents with $0 has risen to 40 percent from 34 percent in 2016.

Minnesota

• Percentage of residents with $0 saved: 36%
• Percentage of residents with less than $1,000 saved: 52%

Minnesota has a relatively high median household income of $61,492. However, it appears that many residents still have trouble finding room in their budget to build savings. More than one-third don’t even have anything in savings accounts.

Mississippi

• Percentage of residents with $0 saved: 38%
• Percentage of residents with less than $1,000 saved: 56%

Mississippi is the state where you’re least likely to live paycheck to paycheck because of its low cost of living. However, the state’s median household income of $39,665 is the lowest in the nation. That might explain why 56 percent of respondents here have less than $1,000 in a savings account.

Missouri

• Percentage of residents with $0 saved: 39%
• Percentage of residents with less than $1,000 saved: 55%

The percentage of Missouri residents with $0 saved has increased slightly to 39 percent from 38 percent in 2016. However, residents who are saving appear to have boosted their account balances. That’s because there’s a smaller percentage of respondents with less than $1,000 saved — 55 percent versus 76 percent in 2016. More than one-fourth of residents now have $10,000 or more in savings.

Montana

• Percentage of residents with $0 saved: 37%
• Percentage of residents with less than $1,000 saved: 54%

As in several other states, the percentage Montana residents with $0 saved has risen this year. In the 2017 survey, 37 percent said they had no savings versus 36 percent in 2016. However, those who are saving seem to be doing a better job. Now, just 54 percent of Montana residents have less than $1,000 saved versus 69 percent in 2016.

Nebraska

• Percentage of residents with $0 saved: 30%
• Percentage of residents with less than $1,000 saved: 55%

Nebraska has the second-lowest percentage of respondents with $0 saved. However, the overall amounts saved in the state is low when you consider that a total of 55 percent of residents have less than $1,000 in savings.

Nevada

• Percentage of residents with $0 saved: 43%
• Percentage of residents with less than $1,000 saved: 62%

A large percentage of Nevada residents have $0 saved, but don't assume it's because they’re wasting money at casinos. The state’s median household income of $51,847 is lower than the national median. And the cost of living is slightly higher than the national average. Those factors combined can make it challenging to save money.

New Hampshire

• Percentage of residents with $0 saved: 46%
• Percentage of residents with less than $1,000 saved: 62%

The percentage of residents in New Hampshire with $0 saved has jumped dramatically since 2016. Last year, New Hampshire had the second-lowest percentage of residents with no savings — 19 percent. Now, it’s 46 percent.

The state’s median household income of $66,779 is much higher than the national median. However, New Hampshire’s cost of living is higher than the national average, which might leave residents with less money to save.

New Jersey

• Percentage of residents with $0 saved: 36%
• Percentage of residents with less than $1,000 saved: 49%

New Jersey is one of a handful of states where more than half of the residents have more than $1,000 in savings accounts. The state’s high median household income of $72,093 might contribute to its relatively high savings rate. However, the percentage of residents with nothing saved has increased over the past year from 26 percent in 2016 to 36 percent.

New Mexico

• Percentage of residents with $0 saved: 47%
• Percentage of residents with less than $1,000 saved: 64%

A significantly higher percentage of respondents in New Mexico have $0 saved this year than in 2016 — 47 percent versus 36 percent. The state’s high unemployment rate of 6.3 percent might be a factor. Plus, New Mexico’s median household income is low compared to the national median of $53,889.

New York

• Percentage of residents with $0 saved: 39%
• Percentage of residents with less than $1,000 saved: 56%

Despite New York’s high cost of living, the state has a smaller percentage of residents with $0 saved than more than half of the other states. And the percentage of residents with less than $1,000 saved has dropped to 56 percent from 67 percent in 2016.

North Carolina

• Percentage of residents with $0 saved: 41%
• Percentage of residents with less than $1,000 saved: 61%

The percentage of North Carolina residents with less than $1,000 has dropped dramatically to 61 percent from 79 percent in 2016. Nearly one-fourth of the state’s residents said they have $10,000 or more, and another 11 percent have $1,000 to $4,999 in a savings account.

North Dakota

• Percentage of residents with $0 saved: 32%
• Percentage of residents with less than $1,000 saved: 43%

Although North Dakota is the worst state for your money in 2017 because it has some of the lowest savings account rates, 57 percent of its residents have $1,000 or more in savings. In fact, 34 percent of residents have $10,000 or more in savings.

Ohio

• Percentage of residents with $0 saved: 34%
• Percentage of residents with less than $1,000 saved: 54%

Ohio residents appear to be doing a better job at saving money this year. The percentage of respondents with $0 saved dropped to 34 percent from 39 percent in 2016. And the percentage of Ohio residents with less than $1,000 saved fell to 54 percent from 74 percent in 2016.

Oklahoma

• Percentage of residents with $0 saved: 42%
• Percentage of residents with less than $1,000 saved: 62%

The percentage of Oklahoma residents with less than $1,000 saved has dropped to 62 percent from 74 percent in 2016. Over the last year, the state has seen its unemployment rate drop from 5 percent to 4.4 percent, according to the BLS. More residents with a steady paycheck might be helping boost the state’s savings rate.

Oregon

• Percentage of residents with $0 saved: 43%
• Percentage of residents with less than $1,000 saved: 56%

More than half of the respondents in Oregon have less than $1,000 saved. The state’s combination of a high cost of living and relatively low median household income of $51,243 could make it tough for residents to set aside cash in a savings account.

Pennsylvania

• Percentage of residents with $0 saved: 42%
• Percentage of residents with less than $1,000 saved: 60%

The percentage of Pennsylvania residents who said they have $0 saved rose to 42 percent this year from 34 percent in 2016.

Pennsylvania’s unemployment rate of 5 percent is higher than the national unemployment rate. Plus, the state’s cost of living is higher than the national average, which might make it harder for residents to find room in their budgets to save.

Rhode Island

• Percentage of residents with $0 saved: 35%
• Percentage of residents with less than $1,000 saved: 47%

Rhode Island has one of the smallest percentages of residents with less than $1,000 in savings. However, the percentage of respondents with $0 saved has increased to 35 percent from 26 percent in 2016. The state’s high cost of living might make it hard for some residents to set money aside in savings.

South Carolina

• Percentage of residents with $0 saved: 42%
• Percentage of residents with less than $1,000 saved: 63%

Although the percentage of South Carolina residents with less than $1,000 saved has dropped to 63 percent from 70 percent in 2016, a higher percentage have absolutely no money in a savings account. The percentage of residents with $0 saved has climbed from 37 percent over the last year.

South Dakota

• Percentage of residents with $0 saved: 41%
• Percentage of residents with less than $1,000 saved: 59%

The percentage South Dakota of residents with less than $1,000 actually hasn’t budged since 2016. However, there’s a higher percentage of respondents with $0 saved — 41 percent versus 29 percent in 2016. Perhaps it’s because they’ve had good reasons to use their emergency fund and haven’t rebuilt their reserves.

Tennessee

• Percentage of residents with $0 saved: 37%
• Percentage of residents with less than $1,000 saved: 57%

The percentage of Tennessee residents with less than $1,000 saved has dropped to 57 percent from 65 percent in 2016. Now, 43 percent of respondents in Tennessee have more than $1,000 in a savings account. The improvement might have something to do with Tennessee’s unemployment rate, which dropped from 4.8 percent to 3.4 percent over the past year.

Texas

• Percentage of residents with $0 saved: 43%
• Percentage of residents with less than $1,000 saved: 56%

Texas is one of seven states with no income tax. Even though the tax bite on paychecks is smaller here, that doesn’t seem to be helping residents come up with the cash to stash in savings. Our survey found that 56 percent of respondents in Texas have less than $1,000 saved.

Utah

• Percentage of residents with $0 saved: 39%
• Percentage of residents with less than $1,000 saved: 55%

Utah might be the best state if you’re unemployed and want a job, but its residents aren’t doing a very good of a job setting aside a percentage of their paychecks in savings accounts. In fact, the percentage with $0 saved has increased to 39 percent from 33 percent in 2016.

Vermont

• Percentage of residents with $0 saved: 36%
• Percentage of residents with less than $1,000 saved: 55%

More than half of Vermont’s residents have less than $1,000 saved. They would be smart to save more because Vermont has some of the best savings account rates and is one of the top three states for your money in 2017.

Virginia

• Percentage of residents with $0 saved: 46%
• Percentage of residents with less than $1,000 saved: 58%

Virginia’s median household income of $65,015 is well above the national median income. Yet 58 percent of residents have less than $1,000 saved. Nearly half have absolutely nothing in a savings account.

Washington

• Percentage of residents with $0 saved: 32%
• Percentage of residents with less than $1,000 saved: 45%

Not only does Washington have one of the lowest percentages of residents with $0 saved, but 35 percent of residents have $10,000 or more saved. The state’s high median household income of $61,062 might help make it easier to set aside money in savings.

West Virginia

• Percentage of residents with $0 saved: 45%
• Percentage of residents with less than $1,000 saved: 68%

Not only does West Virginia have one of the highest percentages of respondents with $0 saved, but only 18 percent have $10,000 or more saved. Residents might be having trouble setting money aside because West Virginia's median household income, $41,751, is low.

Wisconsin

• Percentage of residents with $0 saved: 32%
• Percentage of residents with less than $1,000 saved: 52%

Almost an equal percentage of Wisconsin residents have $0 saved and more than $10,000 saved — 32 percent and 30 percent, respectively. The state’s low cost of living might help some residents have enough after covering everyday costs to build savings. However, its median household income of $53,357 — which is slightly below the national median — might make it tough to set aside money.

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Wyoming

• Percentage of residents with $0 saved: 47%
• Percentage of residents with less than $1,000 saved: 62%

Wyoming’s median household income of $58,840 is higher than the national median of $53,889. However, residents here don’t appear to be doing a better job of saving money. Wyoming ties for the fifth-highest percentage — 47 percent — of respondents with $0 saved.

States Where Americans Have $0 in Savings Accounts

Here's a complete look at the percentage of Americans who have $0 in savings accounts in each state. The states with the highest percentage of Americans with nothing saved are:

• Alaska
• District of Columbia
• Hawaii
• Massachusetts
• New Hampshire
• New Mexico
• Virginia
• West Virginia
• Wyoming

Meanwhile, Kansas has the lowest percentage of residents with $0 in savings accounts.

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Methodology: This GOBankingRates.com survey posed the question, “How much money do you have saved in your savings account?” to 8,131 people among all 50 states and Washington, D.C. Responses were collected through a Google Consumer Survey conducted from Aug. 15, 2017, to Aug. 17, 2017, and responses are representative of the U.S. online population.