Florida residents rank No. 8 in U.S. for being savings savvy

Florida ranked 8th in nation for having most savvy savers.

Florida residents appear to be among the most financially savvy in the country, according to a new analysis by Bountii, a financial planning and shopping coupon website.

Florida was ranked eighth in the nation in a list detailing the “savviest savers” by state. The study used data on saving behavior by looking at monthly internet searches for savings and savings accounts. The analysis also factored in the state’s population and the number of financial searches for every 100,000 people.

Illinois was ranked first in the country for financially savvy residents.

“The state’s diverse economy, including a strong financial services sector in Chicago, likely contributes to residents’ financial literacy and emphasis on saving,” the study concluded. “Additionally, the state’s diverse economy and relatively low cost of living in certain areas could enable residents to allocate more funds towards savings.”

Still, Florida had the largest population on the Top 10 list, with a population of about 22.6 million people. The Sunshine State saw about 1,900 searches each month on the Google search engine for some kind of savings sites or savings accounts.

Florida’s next-door neighbor, Georgia ranked second on the list. Analysts said Georgia’s low cost of living promotes a philosophy of cost-savings approaches in the state.

“The state’s relatively low cost of living compared to coastal areas may enable residents to allocate more funds towards savings,” the analysts said of Georgia. “Georgia’s growing economy, particularly in sectors like technology and healthcare, may provide residents with stable incomes and opportunities to save.”

Bountii advisors note that residents can improve their saving power by embracing financial literacy, leveraging technology, exploring cost-effective living strategies, cultivating delayed gratification and seeking guidance from financial advisors.

The full Top 10 list of most savvy saving states, according to Bountii, includes Illinois, Georgia, New York, Wisconsin, Arizona, Kansas, Arkansas, Florida, Virginia and Nevada.