The 5 states in America where it’s easiest to start saving — and the 5 where it's hardest

A Bankrate report spotlights the five states where saving is easiest, and the five where high costs and taxes make it harder to build wealth

Saving money is personal, but the state you live in can tilt the odds in your favor — or potentially stack them against you.

A recent Bankrate analysis ranked all fifty U.S. states on how friendly they are to building savings. The report factors in economic conditions, tax burdens, and the local deposit interest environment into an overall score that shows where residents might find it easier — or more difficult — to put money aside.

According to the data, a pattern emerges across the top five easiest states: lower costs, lighter tax burdens, and stronger job growth. At the other end of the spectrum, states where it’s hardest to save money tend to share two burdens: high living costs and heavy tax loads.

These rankings aren't just trivia. People considering a move, remote workers comparing cost trade-offs, and anyone planning for long-term financial stability can consider this data as they weigh major decisions.

While personal circumstances always vary, and many factors drive economic precarity, the state you live in can subtly shape how much you keep in your pocket and how fast your savings grow.

Here are the five states where it’s easiest to start saving — and the five hardest, according to Bankrate's report.

2 / 11

Easiest: Tennessee

Elijah Crouch / Unsplash

Tennessee scored first overall in Bankrate’s ranking thanks to a combined low tax burden and a cost of living well below many states, making it easier for residents to retain income and build savings.

3 / 11

Easiest: Missouri

Brittney Butler / Unsplash

Missouri’s place near the top reflects low everyday costs — and competitive average MMA and CD rates that slightly boost savers’ returns — according to the data.

4 / 11

Easiest: Texas

Courtney Rose / Unsplash

A strong job market and relatively low state and local tax burden help make Texas one of the more favorable states for saving, per Bankrate.

5 / 11

Easiest: Oklahoma

Alan Villegas / Unsplash

Among the top states, Oklahoma’s standout is its low cost of living, which keeps basic expenses down and leaves more income available for savings.

6 / 11

Easiest: Florida

Joel de Vriend / Unsplash

Florida rounds out the 5 easiest states for saving, buoyed by strong employment growth and higher average MMA yields that can enhance savings growth.

7 / 11

Hardest: Hawaii

Luke McKeown / Unsplash

With the highest cost of living and declining employment, according to the data, Hawaii’s residents face steep hurdles in building savings.

8 / 11

Hardest: Connecticut

Anastasia / Unsplash

High state and local taxes combined with above-average living costs make saving notably more difficult in Connecticut, says Bankrate.

9 / 11

Hardest: Vermont

Jeffrey Clayton / Unsplash

In addition to a large tax load, Vermont’s employment contraction has tightened budgets and dampened saving prospects, notes Bankrate.

10 / 11

Hardest: California

Lala Miklos / Unsplash

Steep expenses and a significant tax burden weigh heavily on Californians’ ability to save, per the report.

11 / 11

Hardest: New Jersey

Manisha Raghunath / Unsplash

With high state and local tax rates and stubborn costs, New Jersey lands among the least favorable states for saving, according to Bankrate.