How well does New Jersey save? Not too good

The result of a new study shows that New Jersey residents must resort to checking between the seat cushions of their couch to find extra savings.

According to a new 2025 Bankrate study, New Jersey is one of the hardest states in the country to save money. New Jersey comes in at an exceptionally low overall ranking of 46th in the country when it comes to savings.

Bankrate used factors such as cost of living, state and local taxes, employment growth and interest rate growth to determine the rankings of all 50 U.S. states.

It is well known that New Jersey residents experience an exceedingly high tax burden. New Jersey ranks 45th in the country for high taxes, both state and local. New Jersey has a tax rate of 13.2% according to the Bankrate study.

New Jersey is expensive

New Jersey’s inflated cost of living ranking placed 44th in the country. High everyday expenses contribute to that dismal ranking. New Jersey residents have higher commuter expenses, including higher car insurance costs and higher medical insurance costs. The list of high everyday expenses goes on and on.

Bankrate reports that New Jersey’s interest rate environment has a better outlook than other states, ranking 29th in the country. According to Bankrate, New Jersey has an MMA rate of 1.2 percent APY and a CD rate of 1.8 percent APY. The rates are good, but the rates still make saving a huge challenge to make a significant dent in your overall savings nest.

It has always been tough here in New Jersey, particularly with the paralyzing property taxes. Currently, the values of New Jersey homes are going up and so are your yearly property taxes.

If it is any relief, California, Vermont, and Connecticut all rank below New Jersey as the worst for savings. Hawaii is the worst state in the country with a remarkably prohibitive cost of living, and high tax rates being the primary culprit. Thinking of moving to Delaware to save a buck? Well, they are right above New Jersey as the hardest states to save money.