Oklahoma ranked as the fourth easiest state to save money

Oklahoma ranked as the No. 4 easiest state in the country to save money, according to a new Bankrate study that looked at financial conditions across all 50 states. 

The study measured cost of living, taxes, employment growth and available interest rates on savings products to determine where Americans are most likely to grow their savings. 

Tennessee, Missouri and Texas were the only states ranked higher than Oklahoma. The state placed ahead of Florida in the top five. 

Bankrate reported that Oklahoma’s ranking came largely from its low cost of living, which was the second lowest in the country. Residents benefit from cheaper housing, food and goods compared to much of the United States. 

The state’s 9% state and local tax burden is below the national median of 10.2%, placing Oklahoma No. 10 in that category. It also ranked No. 12 for local economic performance, based on job growth and affordability. 

Oklahoma scored No. 13 overall for deposit interest rates, including third in average rates for money market accounts, according to the study. 

The report found that Southern and Midwestern states tend to offer better conditions for saving, while Northeastern and Western states are more expensive and show slower job growth. 

Hawaii was listed as the hardest state to save money due to high costs and declining employment. 

For the full rankings and data, visit Bankrate’s website or view a map summary in Newsweek.