Frugal or Stingy?: Massachusetts Consumers Manage Money Well, Study Finds

Massachusetts might not have many big spenders this Black Friday.

The Commonwealth was found to be one of the most frugal states according to a study done by a personal finance social network.

Some people are at risk of spending more money than they can afford at the biggest shopping event of the year, but many Massachusetts citizens don’t have to worry about digging themselves any deeper into debt.

WalletHub determined which states have the biggest spenders and Massachusetts ranked 49th on the list that included the 50 states and the District of Columbia.

The state and district found to have the least amount of big spenders below Massachusetts were New York and District of Columbia, respectively, WalletHub reported.

To determine the 2014 States with the Biggest Spenders, all 50 states and the District of Columbia were ranked based on number of cars per household, highest auto and credit card debt, highest percentage of the population spending more than they make, personal spending on gasoline and other energy goods, housing and utilities, health care and all other consumption.

The Federal Reserve’s “Beige Book” reported that recent economic growth has recently expanded jobs, industries and consumer spending.

However, WalletHub raised the question of whether or not Americans are now spending more than they earn due to the “wealth effect.” The total consumer debt was the highest it has been in three years at $11.63 trillion in June 2014, according to the Federal Reserve Bank of New York.

Massachusetts was found to be the 11th biggest spender among the states when findings were not adjusted by income and cost of living.

The Commonwealth also ranked 48th on the list of states with the highest auto and credit card debt and ranked as the 49th state with the highest number of cars per household.

The state determined to have the biggest spenders was Mississippi, followed by Idaho, New Mexico, Alabama and Utah, WalletHub reported.

Check out the full 2014 States with the Biggest Spenders survey.

Photo Credit: Shutterstock