Last year, A.G. Edwards developed the 2005 Nest Egg Index, measuring how well people in the United States are saving money. They have updated the survey for 2006 and released the results today. Here are more details:
Earning the top spot in the 2006 A.G. Edwards Nest Egg Index is Los Alamos, N.M., with a rating of 134.31 (indexed to a national average of 100). Ranking No. 2 is Connecticut’s Bridgeport-Stamford-Norwalk with a 126.20 rating. San Jose, Calif., last year’s top-ranked market, placed third with a rating of 125.93.
When ranking the states, New Jersey comes in first place. You can find out how your community ranks here, and the communities are fairly specific.
A.G. Edwards also calculates national Nest Egg Scores each quarter. You can calculate your own personal Nest Egg Score, as well. I did this in July, earlier this year, and came up with a score of 665. Since then, my score has jumped to 688. You can calculate your score here.
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So 134 means that Los Alamos people save 34% more than the national average? I couldn’t find any info as to what that statistic equates to in dollars… Any idea?
Their scoring methodology is described here, under the link for “Nest Egg Index Methodology.” It’s more than just the dollar amount saved. It looks at savings propensity, 401(k) penetration, net worth, debt level, and a number of other factors.
718! Woohoo!
That’s good, because there was yet another “millionaire next door” discussion on savingadvice.com this week, which reminded me that I’m a big fat Underaccumulator of Wealth according to their standards.
This is interesting. One thing I noticed is the SF Bay Area appears to come out way ahead of other metro areas in terms of the savings score; both Bay Area MSAs are in the top 10. Washington DC is high, as is Minneapolis, but other big metro areas are way down the list.