Congratulations! Nevada Ranks In Top 10 For Being Financially Disciplined

With Las Vegas being one of the world’s most famous gambling meccas, it may be shocking to learn our state’s residents land in the top 10 when it comes to financial discipline. In fact, we rank at number nine in a recent survey conducted by Forbes Advisor.

Altogether, interviews include 5,001 Americans from all 50 states. Forbes assigns values in points to eight different questions about the respondent’s financial discipline. Results from the survey are then paired with data from recent findings from the Federal Reserve. Final scores are based on a perfect total of 100. The highest recorded score in the survey is 83.

So, what types of questions are part of this financial discipline survey? Basically, respondents will tell pollsters if they have a household budget, and how well they adhere to it. Additional topics include savings habits, credit card balances, retirement investments, financial goals, impulse purchases, and whether or not they have taken a payday loan or cash advance.

As can be seen when you scroll through the top nine finishers in this survey below, Nevada land at number nine overall for financial discipline. 78% of Nevadans say they have a household budget in place. Conversely, only 22% say they follow that budget most of the time.

On the positive side, 56% of our state’s residents say they have three to six months of savings put away for emergencies. More than half. I’d say that’s pretty good. In addition, almost half of Silver State residents (48%) say they regularly contribute to retirement savings accounts.

Before we get to the top nine finishers below, it is important to realize which states ranked the lowest. Surprisingly, our neighbors to the north in Idaho sits at the bottom with a score of 51. They are preceded by Hawaii, West Virginia, Montana, and Vermont.

Furthermore, I thought it was interesting to note the disparities between generations. For example, 66% of Millennials surveyed say they regularly pay off their credit cards in full. On the other hand, 11% of Gen Z’ers are more likely to only make the minimum payment, or no payment at all, on their monthly credit card bills.

And now, on to the top nine finishers!

It may be difficult to believe that "The Silver State" ranks in the top 10, especially since gambling has been legal here for as long as we've been alive. However, just because many like to drop a few bucks into the video poker and slot machines doesn't mean we don't pay our bills first. Plus, there are a great many retired people living in this state who have saved and invested throughout their lives. And get this, we landed only five points behind the #1 state in this survey.

The survey respondents in "The Land of Lincoln" also scored a 78. Illinois is home to the Chicago Mercantile Exchange. It may not be the financial hub of the world like New York City, but there are four major trading financial categories traded at "The Merc:" commodities, foreign exchange, interest rates, and stock indexes.

This is one of the smallest states in the U.S. as far as land mass in concerned. Only Rhode Island is smaller. However, the folks in "The First State" did well in this survey. They scored a 79 to beat Nevada and Illinois by one point in the rankings. In fact, Delaware ranked as the #1 state in this survey where residents say they contribute regularly to an IRA or 401k.

"The Empire State" is home to one of the largest financial centers in the world, the New York Stock Exchange. Everyone's heard of Wall Street. The actual street, not the movie, although a lot of us know the movie better than we know what actually happens on Wall Street. New Yorkers scored an 80 in this survey.

The residents of "The Centennial State" also scored an 80 in this survey, tying New York in the rankings. "Rocky Mountain High" by John Denver is the state song of Colorado, but according to this survey, the high altitude isn't affecting the residents' financial disciplines. The federal government operates a large number of facilities in Colorado. Don't you wish they did as good a job as this state's residents when it comes to financial discipline?

The state of Washington is home to many large businesses, including Boeing, Amazon, Costco, Nintendo of America, T-Mobile (U.S.), and, of course, Starbucks. Residents of "The Evergreen State" scored an 81 in this survey to land in the top 5. The folks in Washington ranked second when it comes to regularly contributing to 401k's and IRA's.

Atlantic City, New Jersey may not compare with Las Vegas when it comes to the world's gambling meccas, but there are a lot of people along the Atlantic coast who head there for a weekend of fun at the tables and machines. In addition, many residents in the suburbs of northern New Jersey regularly commute in to New York City for work. Plus, lots of folks in southern New Jersey commute into Philadelphia for the very same reason. "The Garden State" ranks third in this survey with a score of 81.

The states in the top 2 in this survey certainly surprised me. However, this survey is not based on annual income. It's based on financial discipline. Did you know six Fortune 500 companies call Arkansas home? That includes the world's largest retailer, Walmart. Tyson Foods, J.B. Hunt Transportation Services and Dillard's are also based in "The Natural State." Residents here scored an 82 in this survey.

The iron and steel industries have been the major employers in Alabama for many years. The economy in "The Yellowhammer State" has become much more diversified over the past few decades. Although residents here ranked 47th when it came to median household income, they landed in the top spot in this survey for financial discipline. Residents here ranked #1 when it came to following their budget, and #1 when it came to saving a portion of their income regularly. They ranked third when it came to regularly contributing to an IRA or 401k.