Skip to main content

Main Area

Main

Most financially literate states in America

  • Most financially literate states in America
    1/ 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.

  • #51. Louisiana
    2/ PxHere

    #51. Louisiana

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


     

  • #50. Alaska
    3/ Alan Wu // Wikicommons

    #50. Alaska

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


     

  • #49. Mississippi
    4/ Ken Lund // Flickr

    #49. Mississippi

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


     

  • #48. Oklahoma
    5/ Greater Oklahoma City Chamber // Wikicommons

    #48. Oklahoma

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


     

  • #47. District of Columbia
    6/ Pixabay

    #47. District of Columbia

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


     

  • #46. New Mexico
    7/ GoodFreePhotos

    #46. New Mexico

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


     

  • #45. South Dakota
    8/ Gary Chancey, Black Hills National Forest // Wikicommons

    #45. South Dakota

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


     

  • #44. Kentucky
    9/ Madgeek1450 // Wikicommons

    #44. Kentucky

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


     

  • #43. Delaware
    10/ Lucius Kwok // Wikicommons

    #43. Delaware

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


     

  • #42. Rhode Island
    11/ Doc Searls // Wikicommons

    #42. Rhode Island

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


     

  • #41. Hawaii
    12/ Anthony Quintano // Wikicommons

    #41. Hawaii

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


     

  • #40. Arkansas
    13/ Yinan Chen // Wikicommons

    #40. Arkansas

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


     

  • #39. Nevada
    14/ Max Pixel

    #39. Nevada

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


     

  • #38. West Virginia
    15/ Yassie // Wikicommons

    #38. West Virginia

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


     

  • #37. Missouri
    16/ Brian Holsclaw // Wikicommons

    #37. Missouri

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


     

  • #36. Wyoming
    17/ NNECAPA Photo Library // Flickr

    #36. Wyoming

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


     

  • #35. Pennsylvania
    18/ Knight Foundation // Flickr

    #35. Pennsylvania

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


     

  • #34. Tennessee
    19/ Derrick Brutel // Flickr

    #34. Tennessee

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


     

  • #33. California
    20/ Max Pixel

    #33. California

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


     

  • #32. Indiana
    21/ Pixabay

    #32. Indiana

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


     

  • #31. Idaho
    22/ GoodFreePhotos

    #31. Idaho

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


     

  • #30. South Carolina
    23/ Bz3rk

    #30. South Carolina

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


     

  • #29. Oregon
    24/ Max Pixel

    #29. Oregon

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


     

  • #28. Connecticut
    25/ John9474 // Wikicommons

    #28. Connecticut

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


     

  • #27. Massachusetts
    26/ PxHere

    #27. Massachusetts

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


     

  • #26. Georgia
    27/ Max Pixel

    #26. Georgia

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


     

  • #25. Vermont
    28/ Public Domain Pictures

    #25. Vermont

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


     

  • #24. Wisconsin
    29/ Max Pixel

    #24. Wisconsin

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


     

  • #23. Alabama
    30/ André Natta // Flickr

    #23. Alabama

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


     

  • #22. Montana
    31/ Larry D. Moore // Flickr

    #22. Montana

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


     

  • #21. Nebraska
    32/ Wikicommons

    #21. Nebraska

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


     

  • #20. Kansas
    33/ G. O'Graffer // Flickr

    #20. Kansas

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


     

  • #19. Texas
    34/ GoodFreePhotos

    #19. Texas

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


     

  • #18. Florida
    35/ LoneStarMike // Wikicommons

    #18. Florida

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


     

  • #17. Ohio
    36/ Max Pixel

    #17. Ohio

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


     

  • #16. Arizona
    37/ DPPed // Wikicommons

    #16. Arizona

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


     

  • #15. Washington
    38/ Max Pixel

    #15. Washington

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


     

  • #14. Iowa
    39/ Ron Reiring // Wikicommons

    #14. Iowa

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


     

  • #13. North Carolina
    40/ James Willamor // Wikicommons

    #13. North Carolina

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


     

  • #12. New York
    41/ Terabass // Wikicommons

    #12. New York

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


     

  • #11. Michigan
    42/ Pixabay

    #11. Michigan

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


     

  • #10. Illinois
    43/ Pixabay

    #10. Illinois

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


     

  • #9. North Dakota
    44/ Unimatic1140 // Wikicommons

    #9. North Dakota

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


     

  • #8. Colorado
    45/ Zenhaus // Wikicommons

    #8. Colorado

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


     

  • #7. Maine
    46/ Pixabay

    #7. Maine

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


     

  • #6. New Jersey
    47/ Max Pixel

    #6. New Jersey

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


     

  • #4 (tie). Maryland
    48/ PxHere

    #4 (tie). Maryland

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


     

  • #4 (tie). Utah
    49/ Pasteur // Wikicommons

    #4 (tie). Utah

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


     

  • #3. Minnesota
    50/ Pixabay

    #3. Minnesota

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


     

  • #2. Virginia
    51/ Taber Andrew Bain // Wikicommons

    #2. Virginia

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


     

  • #1. New Hampshire
    52/ Fletcher6 // Wikicommons

    #1. New Hampshire

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


     

2018 All rights reserved.