Providence Ranked One Of The Worst Cities For Savers

PROVIDENCE, RI — New data ranks Rhode Island's cities as some of the worst in the country for savers. Bankrate.com ranked the best and worst cities for savers across the country, weighing factors like annual savings potential, how much is needed for a six-month emergency fund and how long it takes to save for a rainy day.

The Providence-Warwick metro area was ranked number 35 out of 50, coming in just above Dallas-Fort Worth, Texas and just below Orlando, Florida. Boston was at the bottom of the list, coming in at number 44.

According to Bankrate, Rhode Islanders have an annual savings potential of $9,270. Based on that, the average worker would have to save for two years and four months to reach a necessary six-month emergency fund of $22,251.

Across the country, Americans are struggling with saving, especially since wage increases and economic expansion varies by city.

"One of the reasons we have a political divide in our country is because the economic expansion has been anything but even," Mark Hamrick, Bankrate senior economic analyst said in the report. "The lack of more substantial and even-handed wage gains means that many Americans have continued to struggle."

Memphis, Tennessee was named the best city for savers, as residents only need to save for about a year before they can build up a six-month emergency fund of $15,000. On the other end of the spectrum sits San Jose, California, where the annual savings potential is nonexistent. Instead, residents are expected to lose more than $31,000 per year, making it nearly impossible to build up an emergency fund of $58,580.