By Tim Pennington
Enquirer contributor

Greater Cincinnatians are good at saving money and finding affordable homes, but they smoke too much, are overweight and couch potatoes.

That is the finding of "America's Fiscally Fit Cities Report," prepared by demographic consultant Bert Sperling, whose firm produces Sperling's Best Places. The study was funded by State Farm Insurance using data from more than 27 insurance, health and financial sources.

TOP 10

• State Farm Fiscally Fit Top 10 lists

Cincinnati's metro area ranked 35th of the top 50 most Fiscally Fit Cities in the United States, scoring well in insurance and investment but faring poorly in "quality of life" factors such as exercise, weight and smoking habits.

"Cincinnatians could do better, both in living healthier lives and in preparing their financial future," said Sperling, who annually publishes Cities Ranked and Rated.

With a low median household income of $45,999, Cincinnatians know how to manage their money, Sperling said, pointing out that Cincinnati's good ratings include:

• 15th in income-to-savings ratio (137.4 percent). This means with $63,203 in total savings, a good amount of the city's median $45,999 income is going to savings and retirement accounts.

• 14th in income-to-home value ratio (33.8 percent) meaning that the median $45,999 per year income is proportionate with an average $135,900 home value.

• 20th (in a three-way tie) in percent of residents with life insurance (43.9 percent). In fact, no city can claim that more than 47 percent of its residents carry life insurance.

Where we fail

But Cincinnati fiscally faltered in the "quality of life" categories, ranking 47th out of the top 50 cities surveyed. Cincinnati was:

• Eighth highest (in a three-way tie) with a Body Mass Index (BMI) score of 26.3. The National Heart, Lung and Blood Institute qualifies any BMI score higher than 25 as overweight. Only one city was below 25 (Phoenix).

• Ninth lowest in physical activity: Residents are actively moving an average of 28 minutes per day, mostly walking during their jobs and at home.

• Third highest in incidence of smoking (6.89 packs a month, including non-smokers).

Criteria used for the "America's Fiscally Fit Cities Report" include investments (percentage of households with IRAs, 401(k)s, savings accounts, money market accounts, mutual funds, common or preferred stocks, certificates of deposit, annuities, government bonds and notes).

The report also looked at household income from the 2002 Census numbers and North Carolina-based American Community to evaluate savings-to-income ratio and income-to-home-value ratio; percentage of households with life insurance; and "quality of life," which measured the percentage of married households, smoking incidences, Body Mass Index and physical activity.

The smoking and physical activities numbers were taken from a U.S. Center for Disease Control sampling of 250,000 households last year, Sperling said.

"There is a correlation between people smoking heavily and not exercising," he said. "And it is a crisis with so many people being overweight. It just doesn't help anyone to have all three of those things - smoking, lack of exercise and BMI - working against them."

Doris Candito, a financial planner with Coastal Equities in downtown Cincinnati, said she believes the survey results are on target from what she has witnessed over the past 10 years.

"Cincinnati is truly a conservative town when it comes to money, and the people here do look long term," Candito said. "I have one client in California who makes a ton of money and has a beautiful home, yet he has never bought a stock. You don't find that here. People do invest."

But a lot don't have life insurance as a means of financial protection, Candito agreed.

"Some people have a small policy with their employer, but it just isn't enough," she said. "The younger investor really needs to take care of their family if something happens to them. It is amazing the amount of people underfunded on their life insurance policy."

Where we stand

According to the State Farm report, the 10 most Fiscally Fit Cities are Salt Lake City, Portland, Tampa-St. Petersburg-Clearwater, Pittsburgh and Orlando.

Cincinnati's 35th place put it behind Columbus (21) and Cleveland (31), but ahead of such large cities as Houston (36), San Diego (37), Boston (40), New York City (44), Los Angeles (48) Chicago (49) and Miami (50).

And as one of the country's top insurance firms, State Farm points out the danger in the statistic that no city in the top 50 had more than 47 percent of its residents with life insurance.

"The findings of the Fiscally Fit Cities Report reveal that citizens in the top 10 cities are moving in the right direction to protect their assets with short-and long-term investments," said Susan Waring, senior vice president and chief administrative officer of State Farm Life.

"What is missing in many households across America is a holistic approach to personal finance, including life insurance coverage - which keeps families from having to tap into savings in the case of an unforeseen death, ensuring a brighter future for the surviving family."

Sperling said that when he studied the results of the survey, he quickly saw that communities with more conservative social habits tended to save more and have more life insurance than less-conservative cities.

"I think what that tells you is people who are conservative by nature tend to do the 'right things,' such as put money away for retirement and buy life insurance for their survivors," he said. "But no one is condemned to these numbers. They can change their situation by changing their habits."

Report highlights, city by city

Cincinnati

15th in income-to-savings ratio. This means with $63,203 in total savings, a good amount of the city's median $45,999 income is going to savings and retirement accounts.

Indianapolis

Citizens are happy together with the highest rate of marriage (58.4 percent).

Pittsburgh

Tops the list in percentage of households with life insurance (46.9 percent).

Cleveland

Has the highest incidence of smoking, with an average of more than seven packs of cigarettes per month.

San Jose

Boasts the highest total savings with an average of $78,934. It also has the highest average of stocks ($12,253) and savings in retirement accounts ($30,070).

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E-mail timpennington@fuse.net