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Rockford relatively good at handling money

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Rockford relatively good at handling money

Rockford’s wealth has been slipping when compared with the United States as a whole since the mid-1990s as manufacturing, the economic engine of the area, faced increasing global pressures.

One of Transform Rockford’s main goals is to reverse that trend and make the area one where wealth accumulates faster than the national rate.

One thing we can bank on, Rockfordians are pretty good at handling the money that they have. SmartAsset.com, a financial literacy site, released a ranking earlier this year looking at three key criteria – credit usage, late payment rate and savings rate.

Using those figures, SmartAsset.com ranked Rockford No. 65 out of 194 cities in its “Most Financially Savvy Rankings.”

Most Financially Savvy Cities

Rk.

City

Credit Use

Late Pay Rate

Savings Rate

1.

San Francisco, Calif.

25%

17%

15%

2.

Santa Maria, Calif.

27%

19%

14%

3.

Lincoln, Nebraska

24%

23%

8%

4.

Sioux Falls, S.D.

25%

21%

8%

5.

Salinas, Calif.

28%

23%

13%

6.

Eureka, Calif.

28%

26%

13%

7.

Rochester, Minn.

24%

21%

3%

8.

Hartford, Conn.

29%

32%

14%

9.

San Diego, Calif.

30%

26%

14%

10.

Mankato, Minn.

24%

23%

3%

 

National Averages

30%

35%

5%

65.

Rockford, Illinois

28%

42%

6%

194.

Albany, Georgia

36%

70%

2%

Source: SmartAsset.com

SmartAsset compiled the data from the Bureau of Economic Analysis, the Bureau of Labor Statistics and Experion.

 

 


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