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.