Spending Habits of Hawaii Residents

A recent study has been released by the FINRA Investor Education Foundation on the spending habits of Americans, state by state. Interestingly, this study indicated that 24% of Hawaii residents spent more than they earned over the past year, while the nation's average was 20%. That wasn't the only issue Hawaiian residents had.

The study included an analysis on "rainy day" funds that can be drawn upon in case of emergency. The goal is to set aside enough money to cover three months of expenses, but 60% of Hawaii residents had no such funds whatsoever, putting them in a very bad situation in case of an emergency. In this category, however, they were exactly on parr with the national average. The report goes on.

Another 60% of Hawaii residents didn't compare credit card information from different companies when obtaining their credit card. The national average was 62%. Whether Hawaii is above the curve a bit on that one or not, this trend isn't a great sign. What incentive do credit card companies have to keep their interest rates competitive if so few bother to compare? The study revealed an interesting tidbit of information on this particular set of statistics. Apparently, 57% of female residents did not compare credit cards, while 63% of male residents didn't compare them.

[Full Story - "Spending Habits of Hawaii Residents"]
Today's Maui blog brought to you by Robert R Myers.
Let Robert find your West Maui Home.