MS among worst states for financial literacy

MS among worst states for financial literacy
The deadline to file your taxes is April 15, and accountants say taxpayers need to get on it or file an extension. (Source: Quametra Wilborn)

(WMC) - With April being National Financial Literacy Month, the free credit website WalletHub has released its report on 2019’s Most & Least Financially Literate States - as well as accompanying videos – which analyzes financial-education programs and consumer habits in each of the 50 states and the District of Columbia.

The study compared states across 17 key metrics, including the results of WalletHub’s WalletLiteracy Survey, which range from high-school financial literacy grade to share of adults with a rainy-day fund.

Most Financially Literate States

  1. Virginia
  2. Utah
  3. New Hampshire
  4. New Jersey
  5. Minnesota

Least Financially Literate States

47. New Mexico

48. Delaware

49. Mississippi

50. Alaska

51. Louisiana

Key Stats

Massachusetts has the lowest share of residents who spend more than they earn, 13.29 percent, which is 1.7 times lower than in Delaware, the state with the highest at 22.67 percent.

North Dakota has the highest share of residents with rainy-day funds, 55.55 percent, which is 1.5 times higher than in West Virginia, the state with the lowest at 37.94 percent.

The District of Columbia has the highest share of residents who compare credit-card offers before applying, 45.96 percent, which is 1.7 times higher than in Minnesota, the state with the lowest at 26.42 percent.

Vermont and Minnesota have the lowest share of unbanked households, 1.50 percent, which is 10.5 times lower than in Mississippi, the state with the highest at 15.80 percent.

To read the full report and see where other Mid-South states rank, click here/

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