With the economy widely tipped to be a determining factor in
this year’s election, Pitney Bowes Software today released new data
that shows a decline in consumers’ average savings balances in four
out of nine battleground states. Average savings account balances
for the full year 2011 fell in absolute terms in four swing states
- Nevada, Colorado, Ohio and Florida - when compared to the
averages for 2010.
Savings account balances grew slower than the inflation rate in
three additional battleground states - Virginia, North Carolina and
Wisconsin - representing a decline in the real value of these
accounts.
At the national level, the average savings balance increased by
3 percent from $5,753 to $5,923, just below the rate of inflation,
showing that challenging conditions for saving persist.
Checking account balances look a little bit healthier, according
to the Pitney Bowes Software analysis. Average balances nationwide
for consumer bank non-interest checking accounts grew 5.2 percent
from $2,947 to $3,100.
“In politics and business alike, it is important to identify the
underlying trends below the macro-economic picture,” said John
O’Hara, President, Pitney Bowes Software. “Using location
intelligence to analyze data enables government and businesses to
understand their constituents or customers in the fullest
context.”
Biggest Increases and Decreases
Swing state Iowa saw a 16 percent increase in checking account
balances. Hawaii also saw big increases, with average checking
balances increasing by 13 percent and savings balances by 11
percent. Louisiana saw an enormous 21 percent increase in savings
account balances according to the data, while New York State saw a
19 percent increase and Alaska saw a 14 percent increase.
Overall, six states saw declines in non-interest checking
account balances and seven more saw increases that fell below the
rate of inflation. Florida saw a double-digit (11 percent) decline
in savings balances between the end of 2010 and the beginning of
2011, as well as a 10 percent decrease in average balances of
non-interest checking accounts.
Leading States
New Jersey tops the nation in terms of the amount residents hold
in both savings accounts ($7,872) and non-interest checking
accounts ($4,465). Hawaii and D.C. closely trailed New Jersey in
checking account balances with averages of $4,305 and $4,266
respectively. New York ($7,691) and Connecticut ($7,402) had the
next highest savings account balances after the Garden State.
States with Lowest Balances
New Mexico had the lowest average non-interest checking ($2,206)
and average savings ($4,119) account balances of all states after
respective declines of 6 percent and 9 percent. Arizona ($2,314)
and Arkansas ($2,422) had the next lowest average balances for
non-interest checking accounts. Arizona’s average of $4,406 was
also second lowest in terms of savings balances, with Nevada not
far ahead at $4,697.
About the Data
Geocoded account level data for over 100 million unique account
records from commercial banks in the U.S. was analyzed in
conjunction with over 200 block group-level demographic elements
and MSA variables. Please see tables below for full state
listings.
About Pitney Bowes Software
Pitney Bowes Software provides multi-channel solutions that
leverage data to create relevant dialogue between organizations and
their customers. These solutions enable lifetime customer
relationships by integrating data management, location
intelligence, sophisticated predictive analytics, rules-based
decision making and cross-channel customer interaction management
to increase the value of every customer communication while also
delivering operational efficiencies.
Pitney Bowes Software is a wholly-owned subsidiary of Pitney
Bowes Inc. (NYSE: PBI), a customer communications management
technology leader. For more information, please visit
www.pb.com/software and www.pb.com.
Annual Consumer Savings Account Averages Rank
State 2010 2011
Percent Change 1 New Jersey $7,477
$7,872 5.28% 2 New York $6,455
$7,691 19.15% 3 Connecticut $6,914
$7,402 7.06% 4 Massachusetts
$6,847 $6,989 2.07% 5 Hawaii
$6,242 $6,974 11.73% 6 Rhode Island
$6,655 $6,668 0.20% 7 North
Dakota $6,157 $6,623 7.57% 8
South Dakota $5,779 $6,568 13.65% 9
New Hampshire $6,203 $6,562
5.79% 10 Illinois $6,183 $6,466
4.58% 11 Pennsylvania $6,339 $6,372
0.52% 12 District of Columbia $5,835
$6,329 8.47% 13 Iowa $5,867
$6,216 5.95% 14 Louisiana $5,013
$6,057 20.83% 15 Maryland $6,072
$6,055 -0.28% 16 Kansas $5,440
$6,008 10.44% 17 Wisconsin $5,904
$6,005 1.71% 18 Maine $5,618
$5,986 6.55% 19 Nebraska $5,726
$5,972 4.30% 20 Virginia $5,849
$5,886 0.63% 21 Utah $5,496
$5,873 6.86% 22 Wyoming $5,732
$5,838 1.85% 23 Missouri $5,666
$5,818 2.68% 24 Vermont $5,230
$5,798 10.86% 25 California
$5,733 $5,785 0.91% 26 Indiana
$5,301 $5,650 6.58% 27 Minnesota
$5,298 $5,633 6.32% 28 Alabama
$5,302 $5,590 5.43% 29 Florida
$6,271 $5,588 -10.89% 30 Delaware
$6,034 $5,581 -7.51% 31 Montana
$5,363 $5,573 3.92% 32
Mississippi $5,486 $5,570 1.53% 33
Ohio $5,608 $5,564 -0.78% 34
Tennessee $5,327 $5,555 4.28% 35
Kentucky $5,521 $5,546 0.45% 36
Alaska $4,888 $5,541 13.36% 37
West Virginia $5,345 $5,519
3.26% 38 Michigan $5,550 $5,494
-1.01% 39 Washington $5,503 $5,456
-0.85% 40 Arkansas $5,407 $5,427
0.37% 41 North Carolina $5,410
$5,415 0.09% 42 Texas $5,084
$5,383 5.88% 43 Idaho $5,165
$5,363 3.83% 44 Oklahoma $4,955
$5,344 7.85% 45 Colorado $5,392
$5,324 -1.26% 46 Oregon $5,248
$5,268 0.38% 47 South Carolina $5,190
$5,230 0.77% 48 Georgia $5,090
$5,183 1.83% 49 Nevada $4,794
$4,697 -2.02% 50 Arizona $4,466
$4,406 -1.34% 51 New Mexico $4,515
$4,119 -8.77%
Annual Consumer Bank
Non-Interest Checking Account Averages Rank
State 2010 2011
Percent Change 1 New Jersey $4,245
$4,465 5.18% 2 Hawaii
$3,806
$4,305 13.11% 3 District of Columbia
$4,239 $4,266 0.64% 4
Massachusetts $3,933 $4,230 7.55% 5
Connecticut $3,811 $4,206 10.36%
6 Maryland $3,589 $3,815 6.30% 7
New Hampshire $3,382 $3,751
10.91% 8 New York $3,383 $3,699
9.34% 9 California $3,550 $3,583
0.93% 10 Virginia $3,415 $3,582
4.89% 11 Rhode Island $3,247 $3,513
8.19% 12 Alaska $3,203 $3,492
9.02% 13 Utah $3,118 $3,442
10.39% 14 Vermont $3,057 $3,409
11.51% 15 Delaware $3,266 $3,387
3.70% 16 Illinois $3,096 $3,316
7.11% 17 Washington $3,228
$3,310 2.54% 18 Pennsylvania $2,844
$3,177 11.71% 19 Colorado $3,160
$3,142 -0.57% 20 North Dakota $2,742
$3,131 14.19% 21 Minnesota
$2,773 $3,106 12.01% 22 Wisconsin
$2,801 $3,095 10.50% 23 Wyoming
$2,812 $3,078 9.46% 24 Maine
$2,757 $3,072 11.43% 25 South
Dakota $2,736 $3,022 10.45% 26
Iowa $2,562 $2,967 15.81% 27
Oregon $2,904 $2,928 0.83% 28
Nebraska $2,579 $2,840 10.12% 29
Kansas $2,558 $2,829 10.59% 30
North Carolina $2,695 $2,798 3.82% 31
Michigan $2,550 $2,790 9.41% 32
Florida $3,038 $2,747 -9.58% 33
Louisiana $2,331 $2,710 16.26%
34 Missouri $2,524 $2,692 6.66%
35 Idaho $2,614 $2,687 2.79% 36
Montana $2,686 $2,680 -0.22% 37
Georgia $2,576 $2,652 2.95% 38
Tennessee $2,492 $2,646 6.18% 39
Indiana $2,311 $2,630 13.80% 40
Ohio $2,363 $2,628 11.21% 41
Alabama $2,451 $2,581 5.30% 42
Oklahoma $2,341 $2,544 8.67% 43
South Carolina $2,477 $2,509
1.29% 44 Texas $2,299 $2,509
9.13% 45 Nevada $2,602 $2,507
-3.65% 46 Kentucky $2,265 $2,503
10.51% 47 Mississippi $2,329 $2,453
5.32% 48 West Virginia $2,174
$2,432 11.87% 49 Arkansas $2,259
$2,422 7.22% 50 Arizona $2,343
$2,314 -1.24% 51 New Mexico $2,341
$2,206 -5.77%
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