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According to a recent survey, Florida is the third most independent state in the US based on how self-sufficient its citizens are.
Financial services startup WalletHub sought to determine which states had the most independent citizens based on five categories of dependency: personal vices, government, labor market, overseas trade, and consumer finances. Florida ranked third among the 50 states in terms of independence, only after Colorado and Utah.
Florida has one of the earliest “tax freedom days” in the nation and is the third most autonomous state. According to the study, a state’s tax freedom day is the total number of days since the year’s beginning on which its citizens have earned enough money between them to cover their annual taxes at the federal, state, and municipal levels.
This occurs just 93 days into the year in Florida, against 122 days in the state with the slowest growth.
Because Florida “benefits from one of the earliest ‘tax freedom days’ in the country… which reflects a lower tax burden on its residents,” WalletHub analyst Cassandra Happe stated. This has a significant impact on Florida’s rating.
Furthermore, Floridians exhibit their freedom from prevalent addictions. In addition to having comparatively low rates of smoking and binge drinking, Florida has the second-lowest percentage of adult individuals with gambling addictions. According to the report, Florida citizens use “smart” devices at some of the lowest rates, but this may be partly explained by the state’s high population aging.
“Economically, Florida is robust, with a low unemployment rate of 3.1 percent, a high job growth rate, and a minimal percentage of underwater mortgages, which stands at only 1.3 percent,” Happe stated.
Florida was placed seventh in terms of the percentage of adults saving for higher education.
Florida’s “strong employment growth and low unemployment rate of 3.1 percent create an environment conducive to financial stability, fostering a culture of savings,” according to Happe as well. Furthermore, Floridians are encouraged to prioritize long-term financial planning, which includes saving for their children’s education, by the state’s emphasis on financial independence and low prevalence of vice dependencies, such as gambling illnesses.”
Furthermore, Florida came in ninth place for the percentage of jobs backed by exports. This demonstrates the state’s significant participation in global trade.
“Key industries such as aerospace, electronics, agriculture, and tourism-related services likely played crucial roles in driving these exports,” Happe stated.
“Promoting financial literacy and encouraging savings could enhance metrics like median credit score and the percentage of households with emergency funds while also reducing underwater mortgages,” according to Cassandra, in terms of either maintaining or increasing its rating.
“Continuing efforts to combat substance abuse and gambling disorders through targeted education and treatment initiatives are crucial for improving vice dependency indicators.”
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Mike has more than 30 years of experience in marketing and public relations. He once owned his own agency and has worked with some of the largest brands in the world.
