When it comes to making ends meet, Connecticut seems to be ahead of the curve, according to a new survey released Tuesday.
The National Financial Capability Study (NFCS), released by the FINRA Investor Education Foundation (FINRA Foundation) finds that 44 percent of Connecticut residents are spending less than they earn vs. a national average of 40 percent. On the flip side, 18 percent of Connecticut residents and people nationwide are spending more than they earn.
The study measures four key components of financial capability: making ends meet, planning ahead, managing financial products, and financial knowledge and decision making. Drawing on a data set comprising responses from more than 27,000 U.S. adults, the NFCS is one of the largest and most comprehensive financial capability studies in the country.
People in Connecticut are also better about saving for their children’s education with 45 percent having done so compared to 41 percent nationally. State residents are also heavier investors with 35 percent reporting some kind of investment vs. 30 percent nationally.
One area Connecticut residents don’t do as well is being “underwater” on their mortgages, with homes being worth less than the outstanding loan. The state average is 14 percent compared to a national average of 9 percent. More state residents also have home equity loans with an average of 22 percent vs. the national average at 16 percent.
