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Thursday, September 07, 2006

Are you in an above average saving state?

A.G. Edwards provides an interactive map depicting states that are "above average" savers and those that are below average.

There is a subtle Lake Woe-be-gone effect here, as some states must be "below average." However, there is a clear distinction between states above and below the Mason-Dixon. It is an interesting thought experiment as to what might explain this lack of saving.

Perhaps it is cultural differences, perhaps it is hard to save when you are up against your budget constraint before you start saving, perhaps there are more self-employed in the South, perhaps big-government states make it easier to save?

I am not an expert in this area, but it is interesting to think about.

Comments:
Here's a regression of the Edwards' saving score (SS) on real (2000) per capita income (PCI), in thousands, using the state scores and state PCI:

SS = 51.752 + 1.58*PCI
.....(3.75)...(3.42)

R-sq =0.196
F = 11.69

I surprised the relationship is not stronger.
 
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