Arizonans' Financial Situations Are Generally Horrible, Study Finds

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By Roman Oleinik via Wikimedia Commons


A study of financial data shows Arizonans generally are not in good financial shape, compared to the rest of the country.

For example, about 32 percent of Arizonans, the fourth-hightest rate in the country don't have three months' worth of savings to cover expenses.

The Corporation for Enterprise Development's "Assets and Opportunities Scorecard" finds many more troubling facts: 11.6 percent of Arizona households don't have a bank account. That's also the fourth-highest level.

More than 60 percent of Arizonans have subprime credit -- 12th-highest in the nation. The bankruptcy rate is the 16th-highest. The average credit card debt is more than $10,000. The student-loan default rate easily is the worst in the nation.

Less than 38 percent of Arizona workers participate in a retirement plan, which is the fourth-lowest rate in the country.

All this despite the average annual pay in Arizona being pretty close to the national average.

And whatever these people are spending their money on, it's probably not health insurance -- Arizona's uninsured rate is one of the highest in the country, and only one state has a higher rate of uninsured children in low-income families.

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cfed.org
It's not only a money-management problem, but a money-making problem for many.

Arizona's income poverty rate is well above average. The rate of small-business ownership is the lowest in the country, and the underemployment rate is one of the highest in the country.

If there's a silver lining, it's that all states struggle with these issues to some degree. It's just that Arizonans are a bit worse.

If you need more information about how poor everyone is, click here to read more information on the study.

Send feedback and tips to the author.
Follow Matthew Hendley on Twitter at @MatthewHendley.




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7 comments
hellooo
hellooo

It doesn't help that rent is through the roof unless you feel like living somewhere with a police helicopter spotlighting your complex every other night and/or is infested with cockroaches.

Cris Cross
Cris Cross

Bank of america took all my money. F-ing bastards.

James L. Crabtree
James L. Crabtree

To be fair, Arizona has a transient population, so of course, they do not have much.

logicman
logicman

two things throw off this report:

- Mexicans

- 30k millionaires in Scottsdale

shadeaux14
shadeaux14

You mean after decades of Republican control and their self professed "Expertise" in all things economic? Why the hell isn't the state just running over with one percenters?


Could it be that they've been talking out of their asses all these years?


Or maybe because this is a "Right to work" state which translated means....Workers have no rights.

valleynative
valleynative topcommenter

@shadeaux14  

Maybe it's because the economy, and the personal finance of the citizens in particular, isn't really under the control of the government.


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