Register | Forgot Your Password? | Close

PHOENIX -- A financial-news site reported that Phoenix is the worst city in the country when it comes to saving money.

The Valley's median rate of savings was zero, Interest.com said, meaning over 50 percent of households were in the hole. The average is minus $95.

The report said median-income homes should have nearly $700 a month left after bills were paid.

The numbers for "savings opportunity" were based on 2012 median incomes and expenditures from the Bureau of Labor Statistics.

"Many of us feel like we're living paycheck-to-paycheck because of how we choose to spend our money," Mike Sante, the site's managing editor said in a press release. "It's not that we can't save. It's that we don't save. It's something we can control and change."

The best was Baltimore, which averaged a little over $2,000 in savings a month.

Also ranking low for savings were Detroit at $349 a month, San Diego ($344) and Boston ($240).

KTAR.com,

share this story:
Attention KTAR.com Comment Users: We have recently changed our comments boards.
We would like you to be part of the conversation and The Voice of Arizona by logging in with your Facebook, Twitter, Google+ or Disqus account. Existing KTAR (Arizona Sports) account members will need to create a Disqus account or use one of the aforementioned social media logins. Thank you.
comments powered by Disqus

World Class Arizona

  • Dignity Health

    World Class People. World Class Company. Excellent care, delivered with compassion, for all in need.

Voice For A Better Arizona

  • Family in Focus

    KTAR spends the week taking a look at the issues a modern Arizona family faces.