California is the richest state in the union, given that we're the largest and that we have a massive population of wealthy people.
But, at the same time, we also have the nation's poorest residents. A lot of them. Yes, the Golden State is so big that it occupies both extremes of rich and poor.
On the upcoming occasion of Black Friday, the people over at personal finance website WalletHub analyzed personal spending—on food, gas, cars and more—in America to come up with a list of “2014?s States with the Biggest Spenders.” California ranked near the bottom, you cheapskates.
California is the land of the mall and the home of Rodeo Drive, so how can this possibly be?
Overall, California ranked 48th in consumer spending. We also ranked 48th in food-and-beverage spending and in low savings-account averages, says WalletHub.
Here are the key findings for the Golden State:
48th – Personal Expenditure on Food & Beverages
47th – Personal Expenditure on Gasoline & Other Energy Goods
25th – Personal Expenditure on Housing & Utilities
49th – Personal Expenditure on Health Care
49th – Personal Expenditure on All Other Consumption
44th – Auto & Credit Card Debt
48th – % of the Population Spending More than They Make
48th – Annual Consumer Savings Account Averages
29th – Average Home Square Footage
Meanwhile, Mississippi (1), Idaho (2), New Mexico (3), Alabama (4) and Utah (5) made the top 5 of WalletHub's spendiest states.
But aren't some of these also America's poorest states? Yes. And to answer that question above (How can this possibly be?), one need look no further than WalletHub's methodology.
The site adjusted key metrics, including savings and debt figures, by “income and cost of living.” By some measures, California is one of the most expensive states in the country in which to live.
And some of those big-spending states, above, have some of the lowest cost-of-living rates in the nation. So when things are cheaper, you tend to spend more.
Or maybe we're just cheap bastards. In that case, here's a list of the stores with the biggest Black Friday discounts!