Savings account balances rise in Oklahoma
BY LAURIE WINSLOW World Staff Writer
Friday, October 26, 2012
10/26/12 at 5:34 AM
Average consumer savings account balances and non-interest checking accounts grew in Oklahoma last year, but remained below the national average, according to data recently released by Pitney Bowes Software.
Overall, Oklahoma ranked 44th for its total average savings account of $5,344 last year, up 7.85 percent from $4,955 in 2010.
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, according to the data.
The report takes a focused look at how savings and checking account balances have changed over the year in states that will be key to the November election. According to the analysis, consumers' average savings balances declined in four out of nine battleground states - Nevada, Colorado, Ohio and Florida - when compared to the 2010 averages.
Also, 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, the report states.
Checking account balances look a bit healthier, according to the analysis. Average balances nationwide for consumer bank non- interest checking accounts grew 5.2 percent to $3,100.
Oklahoma's average consumer non-interest checking account grew 8.67 percent to $2,544 last year from $2,341 the year before, ranking it 42nd nationwide.
New Jersey tops the nation in terms of the average amount residents hold in both savings accounts at $7,872 and non-interest checking accounts at $4,465.
New Mexico had the lowest savings account average at $4,119 and non-interest checking account average at $2,206.
Overall, six states saw declines in non-interest checking account balances, and seven more saw increases that fell below the rate of inflation. Florida had an 11 percent decline in savings balances as well as a 10 percent decrease in average balances of non-interest checking accounts, according to the report.
To arrive at the ranking, Pitney Bowes Software analyzed geocoded account level data for more than 100 million unique account records from U.S. commercial banks together with more than 200 block group-level demographic elements and metro variables.
Pitney Bowes Software is a subsidiary of Pitney Bowes Inc. a customer communications management technology leader.
Top states for savings account averages in 2011
1. New Jersey ($7,872)
2. New York ($7,691)
3. Connecticut ($7,402)
4. Massachusetts ($6,989)
5. Hawaii ($6,974)
Bottom states
47. South Carolina ($5,230)
48. Georgia ($5,183)
49. Nevada ($4,697)
50. Arizona ($4,406)
51. New Mexico ($4,119)
44. Oklahoma ($5,344)
Original Print Headline: Savings account balances rise in state
Laurie Winslow 918-581-8466
laurie.winslow@tulsaworld.com
