Colorado dubbed the top state nationwide in terms of 'financial well-being'

Colorado ranks as one of the best states for financial wellbeing, according to a report from the Storage Cafe blog.

The Centennial State leads the way in discretionary spending, and according to Storage Cafe it is likely because of higher household incomes and robust economic growth. Colorado came in first for the best mix of personal discretionary spending, and income and price index.

According to Storage Cafe, incomes have risen in Colorado by 23.7% in the last five years and high income earners increased by 10%. With these growth rates, residents are able to spend as much as 27% of their expenditures on nonessential but "truly fulfilling goods and services."

The study also found that Colorado's consumer discretionary spending per capita is $15,860. The state's price index is 102.29, household income is $119,039, income growth (5 years) is 23.7%, and growth in high-income earners (5 years) is 10%. All of these data points were factors in determining that Colorado was the top state nationwide when it comes to 'financial well-being.'

Find the entire study here .

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