PARAMUS, N.J. — People from Paramus know how to save big, according to a recent report from MagnifyMoney.
Using IRS and U.S. Census data, MagnifyMoney created a City Saving Score for over 2,000 U.S. cities to explore which cities have the most savers and which cities have the biggest savings accounts.
The findings in New Jersey?
- Paramus came in at No. 5 among the biggest savers without a big salary.
- Livingston and Princeton are among the biggest savers in the U.S.
- Camden had the lowest activity among savers — only 4 percent of residents reported interest income and an average $8 a year in interest. Five other NJ towns rank among the bottom 10 poorest savers including Paterson, East Orange, Elizabeth Port, Irvington and Orange.
On average, 29 percent of Americans who filed tax returns in 2016 earned interest income on their savings, the report says.
Average interest income was $530 per return, representing 0.8 percent of total reported income. But regional, demographic and economic forces drive some cities to become super savers while others languish behind.
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