There's a new source of bragging rights between communities.

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Top 10: Is Your City Financially Fit? Find out.
PDF File: Full Study

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The InCharge Institute of America, a non-profit financial education and credit counseling organization, looked for the communities that can boast that they have the most financially fit residents.

Study leader Rebecca Stiehl said they considered average credit scores, employment, disposable income, bank deposits and volume of refinancing -- the ability of consumers to convert their home loans to get cash for other investments or pay debts.

The Wilmington/Newark, Del., area came out on top both overall and among the United States' largest population centers. Trenton, N.J., was the winning mid-size city and Bloomington, Ill., scored highest for smaller communities.

The study examined 314 metropolitan areas.

Stiehl said she thinks local leaders in those areas have made some economic policy decisions that have had a positive impact on residents. Those communities also are doing their own economic education and outreach.

She hopes other cities are paying attention.

The study looks at how different population centers measure up in offering the economic climate and conditions that promote financial fitness for its citizens.

Five factors were used to define and measure "financial fitness:"

Real personal disposable income -- Total personal income minus personal current taxes. This is the amount ultimately available to families for personal expenditures and savings.

Employment opportunities -- Since wages and salaries produce most of personal income, employment is an important indicator of financial success -- not only at the family level, but also on a local and national level. It can be expected that greater financial fitness will be associated with areas with higher employment opportunities.
Credit worthiness -- How well is consumer income covering consumer expenditures and debts? What is the debt to income ratio? Excessive consumer debt is the largest threat to economic wellbeing. For this study, 2003 Equifax average Beacon credit scores were used to determine the credit worthiness of a metropolitan area.
Levels of savings -- Savings is one of the most important indicators of financial wellness. Savings buys financial security. Domestic deposits held or accepted in FDIC insured commercial banks in 2003 by metropolitan area were used to measure this factor.
Refinancing activity -- Refinancing is connected to financial worth, and reflects the ability to convert non-financial assets -- such as a home -- into money that can be used to decrease debt or to spend or invest in things that will deliver higher returns.

"This is a sign of our growing economic strength in Trenton -- the hub of our region," Trenton Mayor Douglas Palmer said.

Recognizing that a community's financial wellness plays a large role in the overall wellbeing of its citizens, several mayors and other local leaders are aggressively promoting education programs in their communities and schools, according to InCharge.