Americans lag behind in household saving rates
A.G. Edwards released their annual Nest Egg Index, ranking the top 500 metro areas in the U.S. for investing and savings habits. Americans on average only save 0.4% of their annual income, down drastically from 12% only 25 years ago. “The U.S. as a whole is not doing very well saving money,” says Sophie Beckman, financial planning specialist at investment brokerage A.G. Edwards, a unit of Wachovia“. There are some cities, however, that are doing a much better job than average. Los Alamos, N.M., ranks highest in the Nest Egg Index for the second year in a row, with the highest ratings for 401K participation, income, net worth, retirement plans, and personal savings habits. The Los Alamos National Laboratory is one of the largest employers in New Mexico, and a large contributor to the outcome of the ranking. Other cities that ranked well include San Jose and San Franicisco; most of the largest metro areas in the country did not rank well due to the high cost of living in those areas.
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