The Most Financially Literate States In The U.S.
Fort Lauderdale, FL – Debt.com’s new money map ranks the current financial literacy of every state in the country by combining three major factors. The factors include: how well people in each state perform on financial literacy quizzes, financial habits and state laws on teaching the subject.
Topping the list as the most financially literate are Utah, Virginia, Idaho, New Hampshire and Missouri. At the bottom of the list as the most financially illiterate are Hawaii, Rhode Island, Alaska, Alabama and Arkansas.
The data came from a variety of sources including: The Champlain College Center for Financial Literacy which grades state efforts to improve literacy in high school, the Financial Industry Regulatory Authority quiz (FINRA), and the National Financial Educators Council test on literacy (NFEC).
Using Texas as an example, the map reveals that the:
- Financial literacy ranking is: 11
- NFEC score: 65.53 percent
- FINRA score: 2.3 out of 5
- Champlain colleges grade of financial literacy requirements: B
“This data shows just how well residents in the given states use money and how financially stable they are,” says Howard Dvorkin, chairman of Debt.com. “Americans owe 642 billion on credit cards. To get out of debt methodically, maintain a good credit score and use money to plan for the future, you have to have the right tools and understand certain concepts. Debt.com wants to highlight the financial understanding issues that face each state.”
When you click on a state it will show additional information such as:
- 52.72 percent of Texans pay off their credit card in full each month
- 81.18 percent of Texans spend less than they make
- 89.55 percent of Texans have a bank account
- 83.61 percent of Texans regularly save for retirement
- 39.8 percent of Texans check credit reports yearly
The map encompasses state laws on teaching the subject to financial habits and how well people perform on financial literacy quizzes. Check out the map to see how your states stacks-up.