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Tuesday, March 31, 2015
Hawaii Consumers 'Least Sustainable Spending Habits' in USA
By Selected News Articles @ 3:12 PM :: 7107 Views :: Economy, Hawaii Statistics, Cost of Living

From Wallet Hub, March 31, 2015

With National Financial Literacy Month beginning tomorrow, the leading personal finance website WalletHub today released its report on 2015’s Most & Least Financially Literate States, which analyzes financial education programs and consumer habits in each of the 50 states as well as the District of Columbia.

  • Hawaii 24th overall -- 29th for 'Knowledge and education' and 21st for 'planning and daily habits.
  • Hawaii tied Nevada for last place for 'sustainable spending habits'
  • Hawaii 3rd for 'lowest non-bank borrowing rate.'

You can find a brief overview of our findings below. 

  Most Financially Literate   Least Financially Literate
  1 New Hampshire   42 Texas
  2 Utah   43 Alabama
  3 Massachusetts   44 Kansas
  4 Maryland   45 Oklahoma
  5 New Jersey   46 Kentucky
  6 North Dakota   47 New Mexico
  7 Illinois   48 Louisiana
  8 Minnesota   49 Arkansas
  9 Pennsylvania   50 Nevada
  10 Virginia   51 Mississippi

Key Stats
  • The percentage of people overspending their income is twice as high in Hawaii and Nevada than in Maryland.
     
  • Rainy day funds are twice as common in Mississippi, New Mexico and Indiana than in Arizona.
     
  • D.C. residents are twice-as-likely to compare credit card offers than people in Minnesota.
     
  • Mississippi’s unbanked household percentage is 8-times higher than Alaska’s.
     
  • The high school dropout rate in Alaska is 5-times higher than in New Hampshire.
     
  • Twice as many Utah residents provided at least four correct answers on FINRA’s financial literacy test than people in Indiana.

For the full report and to see where your state ranks, please visit: LINK
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