Saving money is not something Americans are good at — and that’s at the best of times. So it should come as no surprise that some of New Jersey’s most troubled cities have little or nothing to show when it comes to savings, but the findings of a new report from MagnifyMoney.com are especially troubling: Camden ranks at the bottom of the list of worst savers among over 2,000 American cities. (Its actual ranking is 2,437.)
The company used IRS and U.S. Census data to run the numbers: Camden had the lowest activity among savers — only 4 percent of residents reported interest income and an average $8 a year in interest. Five other NJ towns rank among the bottom 10 poorest savers: Paterson, East Orange, Elizabeth Port, Irvington, and Orange.