Massachusetts Ranks Third Most Financially Literate State in U.S.
Wednesday, April 08, 2015
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SEE BELOW: Interactive Map of All 50 States and Washington, D.C.
Wallethub analyzed financial education programs and consumer habits in each of the 50 states as well as the District of Columbia.
Here are some of its key findings:
- The percentage of people overspending their income is twice as high in Hawaii and Nevada than in Maryland.
- Rainy day funds are twice as common in Mississippi, New Mexico and Indiana than in Arizona.
- D.C. residents are twice-as-likely to compare credit card offers than people in Minnesota.
- Mississippi’s unbanked household percentage is 8-times higher than Alaska’s.
- The high school dropout rate in Alaska is 5-times higher than in New Hampshire.
- Twice as many Utah residents provided at least four correct answers on FINRA’s financial literacy test than people in Indiana.
Most Financially Literate
1. New Hampshire
2. Utah
3. Massachusetts
4. Maryland
5. New Jersey
Least Financially Literate
47. New Mexico
48. Louisiana
49. Arkansas
50. Nevada
51. Mississippi
Source: WalletHub
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