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Most financially literate states in America

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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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PxHere

#51. Louisiana

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


 

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Alan Wu // Wikicommons

#50. Alaska

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


 

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Ken Lund // Flickr

#49. Mississippi

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


 

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Greater Oklahoma City Chamber // Wikicommons

#48. Oklahoma

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


 

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Pixabay

#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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GoodFreePhotos

#46. New Mexico

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


 

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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


 

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Madgeek1450 // Wikicommons

#44. Kentucky

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


 

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Lucius Kwok // Wikicommons

#43. Delaware

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


 

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Doc Searls // Wikicommons

#42. Rhode Island

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


 

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Anthony Quintano // Wikicommons

#41. Hawaii

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


 

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Yinan Chen // Wikicommons

#40. Arkansas

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


 

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Max Pixel

#39. Nevada

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


 

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Yassie // Wikicommons

#38. West Virginia

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


 

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Brian Holsclaw // Wikicommons

#37. Missouri

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


 

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NNECAPA Photo Library // Flickr

#36. Wyoming

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


 

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Knight Foundation // Flickr

#35. Pennsylvania

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


 

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Derrick Brutel // Flickr

#34. Tennessee

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


 

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Max Pixel

#33. California

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


 

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Pixabay

#32. Indiana

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


 

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GoodFreePhotos

#31. Idaho

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


 

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Bz3rk

#30. South Carolina

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


 

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Max Pixel

#29. Oregon

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


 

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John9474 // Wikicommons

#28. Connecticut

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


 

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PxHere

#27. Massachusetts

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


 

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Max Pixel

#26. Georgia

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


 

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Public Domain Pictures

#25. Vermont

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


 

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Max Pixel

#24. Wisconsin

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


 

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André Natta // Flickr

#23. Alabama

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


 

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Larry D. Moore // Flickr

#22. Montana

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


 

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Wikicommons

#21. Nebraska

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


 

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G. O'Graffer // Flickr

#20. Kansas

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


 

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GoodFreePhotos

#19. Texas

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


 

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LoneStarMike // Wikicommons

#18. Florida

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


 

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Max Pixel

#17. Ohio

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


 

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DPPed // Wikicommons

#16. Arizona

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


 

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Max Pixel

#15. Washington

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


 

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Ron Reiring // Wikicommons

#14. Iowa

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


 

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James Willamor // Wikicommons

#13. North Carolina

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


 

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Terabass // Wikicommons

#12. New York

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


 

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Pixabay

#11. Michigan

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


 

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Pixabay

#10. Illinois

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


 

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Unimatic1140 // Wikicommons

#9. North Dakota

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


 

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Zenhaus // Wikicommons

#8. Colorado

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


 

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Pixabay

#7. Maine

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


 

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Max Pixel

#6. New Jersey

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


 

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PxHere

#4 (tie). Maryland

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


 

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Pasteur // Wikicommons

#4 (tie). Utah

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


 

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Pixabay

#3. Minnesota

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


 

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Taber Andrew Bain // Wikicommons

#2. Virginia

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


 

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Fletcher6 // Wikicommons

#1. New Hampshire

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


 

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