WalletHub: Arizona not a top state for financial independence
PHOENIX — If you’re looking for some financial independence, the Grand Canyon State may not be the ideal landing spot.
WalletHub ranked Arizona as the nation’s 33rd-most financially independent state in a recent study.
The personal finance website measured the 50 states based on five major sources of dependency: consumer finances, the government, the job market, international trade and personal vices.
Arizona performed well in two metrics — No. 10 in ‘vice dependency’ and No. 17 in ‘international trade dependency’ — but fell short in other important areas.
The state ranked No. 43 in ‘government dependency,’ which took into account factors like the share of subsidized housing units and households receiving public assistance.
Arizona also fared poorly in ‘financial dependency,’ finishing No. 41. In that category, a state’s share of adults saving for children’s college education, median debt per income and share of underwater mortgages were weighed the most heavily.
Arizona also ranked No. 22 in the fifth and final category, ‘job market dependency.’
A pair of bordering states fared much better than Arizona.
Utah topped the ranking of WalletHub’s most independent state, while Colorado was No. 5.
Kentucky was the least independent state.