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Survey: NYers spend less money than rest of country

Financial planning company Learn Vest recently took a look at their NY-based clients and crunched the numbers to learn more about how they spend and save in the most expensive city in the country. Photo Credit: ISTOCK

Our rents are crazy, but at least we’re saving on groceries.

Financial planning company Learn Vest recently took a look at their NY-based clients and crunched the numbers to learn more about how they spend and save in the most expensive city in the country.
Financial planning company Learn Vest recently took a look at their NY-based clients and crunched the numbers to learn more about how they spend and save in the most expensive city in the country. Photo Credit: Getty Images

If you think New York City has the biggest spenders in the country, think again.

A recent study shows that New Yorkers spend less money than other Americans. Conducted by LearnVest, a financial advising company, the “LearnVest Guide to Money in New York” survey asked 13,628 Americans about their daily spending habits, concluding that New Yorkers are saving more than non-New Yorkers. Some findings:

LIVING: New Yorkers pay 32% of their annual income on rent compared to non-New Yorkers, who spend 28%. However, people who live in New York City spend 21% less than non-New Yorkers on utilities.

EATING: New Yorkers like to dine out, which is why 52% of them said restaurants and bars are a “top five” expense, compared to the 28% of non-New Yorkers who consider dining out a top priority. New Yorkers, however, are found to save more money on their groceries, spending 30% less than the average non-New York City citizen.

TRANSPORTATION: Though the subway is not always our friend, LearnVest’s survey concluded that only 2% of New Yorkers consider transportation as a “top five” expense, while 28% of those who don’t live in the boroughs say that auto expenses and gas were top financial priorities.

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