Business & Economy

Most financially literate states in America

Written by:
Alyssa Evans
May 17, 2018
Nattakorn_Maneerat // Shutterstock

Most financially literate states in America

According to NerdWallet, credit card debt in the US was an estimated $931 billion in 2017. The figures have risen year over year, with Americans now more likely to put unforeseen medical expenses and health issues not covered by their insurer on their credit cards. Their savings are not likely to aid them: GoBankingRates reported in 2017 that 57% of Americans have less than $1,000 in their savings account. Only a third feel they could support themselves for six months or more on savings.

That being said, credit card debt is actually a (relatively) small part of a much larger problem. Student loan debt has been rising precipitously, affecting over 44 million Americans. More so, 71% of total consumer debt in the US is because of housing. All combined, Americans are more in debt than ever before.

So why the financial burden? Financial literacy has long been treated as tribal knowledge. It is rare for schools at any level to require, or even provide, introductory courses on financial matters. Parents are expected to pass wisdom down to their children, but the reality is they're in debt themselves. Americans, at all ages, don't know how to break the cycle.

But how does this trend vary region to region? Stacker looked at data compiled by WalletHub to determine which states are the most financially literate. WalletHub used survey data that determines financial literacy to inform their decision, alongside the financial planning and habits (such as share of adults who spend more than they own, or who have rainy day funds) of respondents, and their financial knowledge and education (such as educational attainment and high-school financial literacy grade). A more detailed methodology can be found here.

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#51. Louisiana

Total score: 51.72
WalletLiteracy rank: #47
Financial planning & habits rank: #51
Financial knowledge & education rank: #49


 

#50. Alaska

Total score: 54.66
WalletLiteracy rank: #39
Financial planning & habits rank: #50
Financial knowledge & education rank: #43


 

#49. Mississippi

Total score: 55.49
WalletLiteracy rank: #51
Financial planning & habits rank: #40
Financial knowledge & education rank: #26


 

#48. Oklahoma

Total score: 55.82
WalletLiteracy rank: #49
Financial planning & habits rank: #37
Financial knowledge & education rank: #40


 

#47. District of Columbia

Total score: 56.57
WalletLiteracy rank: #38
Financial planning & habits rank: #49
Financial knowledge & education rank: #34


 

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#46. New Mexico

Total score: 56.64
WalletLiteracy rank: #45
Financial planning & habits rank: #43
Financial knowledge & education rank: #24


 

#45. South Dakota

Total score: 56.73
WalletLiteracy rank: #28
Financial planning & habits rank: #48
Financial knowledge & education rank: #38


 

#44. Kentucky

Total score: 57.29
WalletLiteracy rank: #44
Financial planning & habits rank: #30
Financial knowledge & education rank: #48


 

#43. Delaware

Total score: 57.31
WalletLiteracy rank: #46
Financial planning & habits rank: #39
Financial knowledge & education rank: #32


 

#42. Rhode Island

Total score: 57.47
WalletLiteracy rank: #15
Financial planning & habits rank: #41
Financial knowledge & education rank: #41


 

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#41. Hawaii

Total score: 57.92
WalletLiteracy rank: #18
Financial planning & habits rank: #47
Financial knowledge & education rank: #35


 

#40. Arkansas

Total score: 58.49
WalletLiteracy rank: #43
Financial planning & habits rank: #26
Financial knowledge & education rank: #46


 

#39. Nevada

Total score: 58.57
WalletLiteracy rank: #14
Financial planning & habits rank: #35
Financial knowledge & education rank: #44


 

#38. West Virginia

Total score: 59.28
WalletLiteracy rank: #50
Financial planning & habits rank: #29
Financial knowledge & education rank: #13


 

#37. Missouri

Total score: 59.47
WalletLiteracy rank: #48
Financial planning & habits rank: #7
Financial knowledge & education rank: #50


 

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#36. Wyoming

Total score: 59.55
WalletLiteracy rank: #6
Financial planning & habits rank: #45
Financial knowledge & education rank: #23


 

#35. Pennsylvania

Total score: 59.56
WalletLiteracy rank: #25
Financial planning & habits rank: #44
Financial knowledge & education rank: #10


 

#34. Tennessee

Total score: 60.02
WalletLiteracy rank: #40
Financial planning & habits rank: #6
Financial knowledge & education rank: #51


 

#33. California

Total score: 60.35
WalletLiteracy rank: #2
Financial planning & habits rank: #46
Financial knowledge & education rank: #25


 

#32. Indiana

Total score: 60.54
WalletLiteracy rank: #42
Financial planning & habits rank: #33
Financial knowledge & education rank: #17


 

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#31. Idaho

Total score: 61.34
WalletLiteracy rank: #7
Financial planning & habits rank: #25
Financial knowledge & education rank: #42


 

#30. South Carolina

Total score: 61.39
WalletLiteracy rank: #41
Financial planning & habits rank: #20
Financial knowledge & education rank: #36


 

#29. Oregon

Total score: 61.40
WalletLiteracy rank: #33
Financial planning & habits rank: #28
Financial knowledge & education rank: #28


 

#28. Connecticut

Total score: 61.57
WalletLiteracy rank: #29
Financial planning & habits rank: #36
Financial knowledge & education rank: #5


 

#27. Massachusetts

Total score: 61.63
WalletLiteracy rank: #8
Financial planning & habits rank: #34
Financial knowledge & education rank: #19


 

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#26. Georgia

Total score: 61.71
WalletLiteracy rank: #34
Financial planning & habits rank: #22
Financial knowledge & education rank: #33


 

#25. Vermont

Total score: 61.75
WalletLiteracy rank: #26
Financial planning & habits rank: #27
Financial knowledge & education rank: #31


 

#24. Wisconsin

Total score: 61.76
WalletLiteracy rank: #13
Financial planning & habits rank: #42
Financial knowledge & education rank: #2


 

#23. Alabama

Total score: 61.85
WalletLiteracy rank: #31
Financial planning & habits rank: #12
Financial knowledge & education rank: #45


 

#22. Montana

Total score: 61.92
WalletLiteracy rank: #24
Financial planning & habits rank: #38
Financial knowledge & education rank: #3


 

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#21. Nebraska

Total score: 61.99
WalletLiteracy rank: #20
Financial planning & habits rank: #32
Financial knowledge & education rank: #21


 

#20. Kansas

Total score: 62.58
WalletLiteracy rank: #36
Financial planning & habits rank: #31
Financial knowledge & education rank: #6


 

#19. Texas

Total score: 62.69
WalletLiteracy rank: #35
Financial planning & habits rank: #10
Financial knowledge & education rank: #39


 

#18. Florida

Total score: 62.71
WalletLiteracy rank: #30
Financial planning & habits rank: #24
Financial knowledge & education rank: #14


 

#17. Ohio

Total score: 63.13
WalletLiteracy rank: #23
Financial planning & habits rank: #19
Financial knowledge & education rank: #27


 

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#16. Arizona

Total score: 63.14
WalletLiteracy rank: #27
Financial planning & habits rank: #23
Financial knowledge & education rank: #16


 

#15. Washington

Total score: 63.30
WalletLiteracy rank: #16
Financial planning & habits rank: #21
Financial knowledge & education rank: #22


 

#14. Iowa

Total score: 63.51
WalletLiteracy rank: #22
Financial planning & habits rank: #16
Financial knowledge & education rank: #30


 

#13. North Carolina

Total score: 63.78
WalletLiteracy rank: #37
Financial planning & habits rank: #15
Financial knowledge & education rank: #18


 

#12. New York

Total score: 64.71
WalletLiteracy rank: #17
Financial planning & habits rank: #18
Financial knowledge & education rank: #12


 

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#11. Michigan

Total score: 65.00
WalletLiteracy rank: #10
Financial planning & habits rank: #14
Financial knowledge & education rank: #20


 

#10. Illinois

Total score: 65.10
WalletLiteracy rank: #32
Financial planning & habits rank: #13
Financial knowledge & education rank: #11


 

#9. North Dakota

Total score: 65.69
WalletLiteracy rank: #4
Financial planning & habits rank: #9
Financial knowledge & education rank: #37


 

#8. Colorado

Total score: 67.01
WalletLiteracy rank: #11
Financial planning & habits rank: #11
Financial knowledge & education rank: #7


 

#7. Maine

Total score: 67.25
WalletLiteracy rank: #12
Financial planning & habits rank: #17
Financial knowledge & education rank: #1


 

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#6. New Jersey

Total score: 67.47
WalletLiteracy rank: #21
Financial planning & habits rank: #5
Financial knowledge & education rank: #9


 

#4 (tie). Maryland

Total score: 67.83
WalletLiteracy rank: #19
Financial planning & habits rank: #3
Financial knowledge & education rank: #15


 

#4 (tie). Utah

Total score: 67.83
WalletLiteracy rank: #3
Financial planning & habits rank: #1
Financial knowledge & education rank: #47


 

#3. Minnesota

Total score: 67.93
WalletLiteracy rank: #5
Financial planning & habits rank: #8
Financial knowledge & education rank: #8


 

#2. Virginia

Total score: 68.15
WalletLiteracy rank: #9
Financial planning & habits rank: #2
Financial knowledge & education rank: #29


 

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#1. New Hampshire

Total score: 70.28
WalletLiteracy rank: #1
Financial planning & habits rank: #4
Financial knowledge & education rank: #4


 

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