Achieving Financial Freedom in Pennsylvania

Financial Freedom© umahtete / Getty Images / Canva
  • According to a survey conducted by CouponBirds, the average Pennsylvanian feels the least financial freedom at 37 (compared to a national average of 38).
  • Factors contributing to this age of financial dependence could include when people purchase their first home and start families.
  • The average American first-time homebuyer is thirty-six years old, while fertility rates have increased for women between 35 and 39.
  • When broken down by state, Montanans said they would feel the least financial freedom earliest at 27; Delaware and Vermont residents reported feeling financially free latest at 61.

Financial freedom is a state of being where one has full control over their finances and is not hindered or limited by debt or worry. It is the ultimate goal of anyone looking to build up a successful personal finance plan. Recently, CouponBirds conducted a survey that looked at how financial freedom varies from state to state, and the findings were fascinating. Let’s take a look at what the survey found out about achieving financial freedom in Pennsylvania.

The CouponBirds survey revealed that, on average, Pennsylvanians feel least financially free at age 37. This indicates that most people in the state are struggling with their finances until this age and beyond. Reasons for this could include the cost of living in PA being higher than in other states, as well as uncertainty about job security and wages. The survey also showed that the average first-time homebuyer is 36 years old, which involves putting down a sizeable deposit and starting to pay regular mortgage costs.

The survey results compared Pennsylvanians’ financial freedom to other states like Montana, Delaware, and Vermont. Montana residents reported feeling least financially free at age 27 while Delaware and Vermont residents felt least financially free around age 61.

Financial independence is a goal on the minds of many Pennsylvanians, as evidenced by the results of the survey that found 84% making it their life objective. Although many hoped to retire before 65, only 65% thought they would be able to attain that age before their retirement. As such, most individuals believe that reaching financial independence will require having at least $5 million in assets. Although this may seem daunting, careful planning and budgeting may be more achievable than it appears, enabling many more Pennsylvanians to make their dreams of financial freedom come true.

What would you do if you were hypothetically given $1 million? According to the survey, 40% said they would invest it in stocks, bonds and other financial instruments which can grow the amount while 28% plan to buy property to generate income. 26% have larger aspirations of saving up for their kids’ college fund seeing as how expensive tuition fees can be and a kind 6% will donate part of their bounty to charity. It’s interesting to note how different people plan on spending such an incredible sum – either with shorter-term investments or longer-term objectives, either for personal benefit or for helping others.

Overall, these findings offer insight into how financial freedom varies from state to state and can provide useful information for Pennsylvania residents looking to improve their own personal finances. To achieve financial freedom earlier on in life there are certain strategies such as reducing debt and building credit responsibly, setting realistic goals based on your current circumstances, budgeting wisely and taking advantage of resources available such as low-interest loans or government assistance programs when necessary can all help you reach your ultimate goal sooner rather than later! Knowing these key points learned from this study can help Pennsylvanians achieve greater financial independence while avoiding common pitfalls along the way!

Managing your finances can be difficult, but MyChesCo is here to help. In our Personal Finance section, you’ll find articles on reducing debt, building credit, and budgeting. Our goal is to provide you with the information and resources you need. Be sure to sign up for our newsletter and follow us on social media for the latest updates.

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This article is intended for informational, entertainment or educational purposes only and should not be construed as advice, guidance or counsel. It is provided without warranty of any kind.