In celebration of National Financial Literacy Month and to promote the adoption of responsible habits – both directly and indirectly related to personal finance – WalletHub, a leading personal finance website, decided to identify and honor the U.S. cities that are altogether most conducive to Wallet Wellness.
Just consider the fact that money, work and the economy – in that order – are our leading causes of stress. Stress, in turn, forces a million people to miss work every day at an average daily cost of $600 to employers and an average annual cost of $15 billion to the economy. Then there’s the $62 billion in productivity that we lose annually to sleep deprivation – a common side effect of stress –and the$200-300 billion price tag associated with stress-related illness.
Wallet Wellness is a term that encapsulates the inherent connection between physical, financial, and emotional health. In conducting its 2014 Best & Worst Cities for Wallet Wellness Report, WalletHub compared the 150 largest cities in the United States in terms of 8 key metrics designed to gauge the responsibility with which people manage both their finances and their lifestyles as well as the extent to which local dynamics promote wealth creation and upward mobility.
WalletHub looked at:
- The relative income differential between cities in an apples-to-apples fashion.
- The relative affordability of local real estate, essentially illustrating how much house a resident family could purchase with one year’s salary.
- Cties with the most employment potential
- The Equal Opportunity Project’s economic mobility rankings
- Average commute time
- Average credit score
- Well-being index
- Physical health problems in different areas of the country
After evaluating the data, a corresponding weight/score was applied to each category for each city included in the report. After ranking the 150 largest cities, WalletHub invited other financial experts to add their knowledge to that of WalletHub's experts to provide tips and advice on how people can improve their own Wallet Wellness.
The full report, methodology and Wallet Wellness tips can be found at: http://wallethub.com/edu/best-cities-for-wallet-wellness/2862/
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