SLO County News BlogGolf, Wine, Real Estate, Business & Travel NewsAverage "Nest-Egg" Index in SLOWednesday, December 14, 2005Despite the huge, ever-growing aggregate personal accountants held in San Luis Obispo County financial institutions, local folks are below average in savings and investing, according to a study released Tuesday.A.G. Edwards & Sons Inc. has published a first-time listing of 200 metropolitan areas. The St. Louis investment company said the "Nest Egg Index" will track the savings and investing habits of Americans by measuring a dozen statistical factors, including participation in retirement savings plans, personal debt levels and home ownership. Using a national average score of 100, The San Luis Obispo area placed 142nd on the list with a mark of 99.57, a lower tally than many of California's metros included. However, eighty of the 200 national metro areas were within 3 points of 100. San Jose ranked first with a score of 128.37, followed by the Nassau-Suffolk region outside New York City, at 128.17. The New Jersey trio of Middlesex, Somerset and Hunterdon was No. 3, at 125.67. San Francisco was fourth, at 122.13. New Jersey's Bergen and Passaic rounded out the top 5, at 119.81. Jamestown, N.Y. was in the basement, at 95.71, just a smidgen worse than Houston. Sacramento scored 174th with a 97.5, the lowest tally of all California metros included. Near Sacramento, Oakland was No. 14, with a tally of 114.72. Santa Rosa placed 46th, at 108.25. Vallejo, Fairfield and Napa combined to claim the No. 90 spot, with a score of 103.94. Reno weighed it at No. 122, with a tally of 101.64. Other California scores also varied widely. Ventura was 21st, at 112.58. Santa Cruz-Watsonville was seven steps below, at 110.42. Orange County took the No. 36 ranking, at 109.46. Santa Barbara, Santa Maria and Lompoc were rated at No. 125, with a 101.55 score. Salinas registered at No. 138, with a tally of 99.83. San Luis Obispo, Atascadero and Paso Robles was four notches below Salinas, with a figure of 99.57. San Diego was second-worst to Sacramento, claiming the No. 150 spot, with a 98.87 score. "With the U.S. Department of Commerce reporting a negative national personal savings rate in October -- its lowest level in decades -- it's apparent that many Americans are not setting aside enough personal savings," said Robert Bagby, chairman and CEO of A.G. Edwards. "As millions of baby boomers enter their retirement years, this situation -- if left unchanged -- will have a profound impact on the economic well-being of millions of Americans." Read More
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