10 States Where Americans Have the Lowest Checking and Savings Balances
Where you live can have a major impact on how easy -- or difficult -- it is to save money. High housing costs, lower wages and state taxes can all strain household budgets, leaving many with little financial cushion. As a result, in some states, the typical resident has only a few thousand dollars set aside across checking and savings accounts.
Using data from SmartAsset, here are the 10 states where residents have the lowest median deposit account balances -- combined checking and savings balances.
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1. Mississippi
Median deposit account balance: $2,500
2. Arkansas
Median deposit account balance: $3,000
3. Louisiana
Median deposit account balance: $3,320
4. Alabama
Median deposit account balance: $3,643
5. Kentucky
Median deposit account balance: $3,700
6. Oklahoma
Median deposit account balance: $5,000
7. West Virginia
Median deposit account balance: $5,000
8. Georgia
Median deposit account balance: $5,140
9. Kansas
Median deposit account balance: $5,585
10. Nevada
Median deposit account balance: $5,855
Low balances don't necessarily reflect poor money management. They often point to structural cost-of-living pressures and income gaps. For residents in these states, building even a modest emergency fund can be harder, making budgeting strategies especially important.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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