2018’s Most & Least Financially Savvy States
From Wallet Hub, Sept 26, 2018
Financial literacy is key to sound financial health. But financial savvy is what differentiates the comfortable from the truly stable. Unfortunately, a staggering lack of money smarts plagues Americans, according to a study on financial literacy conducted by the National Foundation for Credit Counseling. About 45 percent of U.S. adults, for instance, grade their knowledge of personal finance a “C” or worse. Meanwhile, three out of five admit to not keeping a budget, a life skill that every adult should master even as early as high school.
As this report reflects, however, residents of certain states are sharper than their peers when it comes to maintaining their household balance sheets. To determine where American consumers set the best example, WalletHub compared the 50 states and the District of Columbia across 24 key metrics that represent financial savvy — or lack thereof. Their data set ranges from median credit score to annual savings-account average to credit-card debt as a share of income.
read … Full Report
| Overall Rank* |
State |
Total Score |
‘Debt & Spending’ Rank |
‘Financial Literacy’ Rank |
‘Credit’ Rank |
‘Saving’ Rank |
Median Credit Score |
% of Population with Rainy Day Funds |
| 20 |
Hawaii |
61.28 |
23 |
44 |
5 |
11 |
4 |
4 |
|