Pearl River County is one of the financially healthiest places in Mississippi per study
Good news in regards to the the financial status of Pearl River County residents, as a whole, was released on Thursday by SmartAsset, a New York financial technology company, in a study on the most financially healthy places in the U.S. The study analyzed debt, bankruptcy, poverty and unemployment in counties across the country to find where residents were most financially healthy. According to the study, Pearl River County is one of the healthiest places in Mississippi ranking # 6 overall.
There’s a lot more to financial health than how much income one earns in a given year. To find the most financially healthy places, SmartAsset took a holistic approach, considering debt as a percent of income, bankruptcies per 1,000 people, poverty rates and unemployment rates in our analysis.
To calculate debt as a percent of income, the study divided debt per capita by income per capita.
To calculate bankruptcies per 1,000 people, study divided total bankruptcies by the population, and multiplied that number by 1,000.
To calculate the Financial Health Index, we weighted debt as a percent of income 25%, bankruptcies 40%, poverty rates 20% and unemployment rates 15%. study ranked the counties on each of the categories and then indexed each category. The study then added those indices together and indexed that.
In the SmartAsset study, a financially healthy county means people there have low average debt as a percent of income, along with a low chance of being affected by personal bankruptcies, poverty or unemployment.