6 Maine cities score high for their money-management skills
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Nearly half of bank customers nationwide now have a “digital-centric” relationship with their bank, a new study by J.D. Power shows. But with rising inflation and a rapidly changing economy, many banking customers are seeing an increase in financial stress.
Money management is an acquired skill, and Mainers in six cities seem to have acquired it.
A new analysis has compared 2,572 U.S. cities on the basis of their residents’ apparent performance in managing household finances, and ranked Auburn, Augusta, Bangor, Lewiston, Portland and South Portland higher than most communities in the country.
Personal finance website WalletHub based its rankings on 10 criteria, ranging from home foreclosure rates to debt-to-income ratios to the per capita number of late debt payments. Data was obtained from publicly available sources and was specific to each city proper, not a metro area.
The findings, released Tuesday, ranked the Maine cities this way:
- South Portland: No. 355
- Portland: No. 568
- Bangor, No. 588
- Lewiston: No. 936
- Auburn: No. 1,058
- Augusta: No. 1,194
Scarsdale, N.Y., ranked No. 1 in the country, while Willis, Texas, ranked last at No. 2,572. For a look at the complete rankings, click here.
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