Iowans are Among the Most Frugal People in the Entire US

I've never been someone to budget very strictly. I have a list of monthly and annual bills I keep track of. I hawk over my bank account and credit card balances. But as far as day-to-day purchases are concerned, I'm not someone who will make a spreadsheet to keep track of everything.

Reading the findings of this study makes me wonder if some Iowans do. New data from QR Code Generator/QRFY revealed that Iowa is one of the states that spends the least on a year-to-year basis. 

This study was conducted by QR Code Generator using data on personal consumption expenditure per state in 2022 via the US Bureau of Economic Analysis:

The total expenditure per state was weighed against the population to calculate the expenditure per capita. The states with the lowest expenditure per capita determined the ranking for the lowest spending states. - per QRFY

Here are some additional takeaways from the study:

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• Mississippi came in at #1 as the state with the lowest personal expenditure per capita at $39,678.
• Massachusetts came in at #50 as the state with the highest personal expenditure per capita at $64,214
• Illinois and Wisconsin ranked at #36 and #22, respectively. Illinois' average personal expenditure per capita is $54,341 while Wisconsin's is $49,284.

Which brings us to Iowa, which claimed the tenth spot on the list. Iowa's average personal expenditure per individual is $45,455, not a great deal of money when you consider the combined annual cost of mortgage payments, car payments, gas, groceries, clothing, and vacations.

According to QRFY, some of Iowa's lowest expenses came from clothing and footwear at $1,123 per capita. Furnishings and durable household equipment costs the average individual $1,203.

Meanwhile, a spokesperson for QR Code Generator said this about the findings of the list:

The top ten ranking highlights areas of America that are perhaps more frugal. Alternatively, it could also suggest that these states have less disposable income than those on the East and West Coast. It’ll be interesting to see if any of these states increase their spending and leave the ranking in the future. - per QRFY

View the top ten states with the lowest personal expenditure per capita below:

Visit QRFY's website for more information. Also, if you believe some of Iowa's $340 million in unclaimed assets is yours, you should check out the Great Iowa Treasure Hunt!