Where people save

Apparently A.G. Edwards has done a study on savings, and has created a map in which states are labeled as "above average" and "below average" in their savings rates. Indiana ia an "above-average" savings state, ranking 17th in savings rate out of the 50 states. Most low-savings-rate states are in the south and the mountain west. It's not clear from the web site exactly what they are measuring.

Just for kicks, I decided to regress the Saving Score (SS) (even though I'm not sure what it means) on per capita income by state (PCI) (in thousands of constant (2000) oallars, in 2004). There are the results:

SS = 51.752 + 1.580*PCI
........(3.75).......(4.42)

R-sq = 0.196
F = 11.69

So, oddly enough, while the savings score is related to income, there's a lot of unexplained variance.

There's also a community-by-state report with a clickable-link from the study site. Apparently northwest Indiana doesn't exist for Edwards--the following cities are not on their list:

East Chicago
Gary
Hammond
Highland
Hobart
Merrillville
Michigan City
Munster
Schererville
Valparaiso

Although other, smaller cities are.
(Hat tip to Craig Depken at Heavy Lifting for the link.)