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Missouri Ranks #20 In Financial Literacy According To WalletHub Survey

All News RSS Feed Business State News Thursday, April 6th, 2023

How financially literate is the State of Missouri…?…number-20 according to a WalletHub.com survey.

The Show-Me State, which ranks just behind North Dakota and just ahead of Pennsylvania, comes in at #7 for financial planning and habits, #43 in the way of financial knowledge and education, and 44th in wallet literacy.

Nebraska, Utah and Virginia are identified as the most financially literate states while New Mexico, Louisiana and Arkansas are at the bottom of the list.

See more below:

 

With April being National Financial Literacy Month and less than half of adults setting a budget, the free credit score website WalletHub today released its report on 2023’s Most & Least Financially Literate States, which analyzes financial-education programs and consumer habits in each of the 50 states and the District of Columbia, along with expert commentary.

The study uses a data set of 17 key metrics, which range from high-school financial literacy grade to the share of adults with a rainy-day fund. The metrics also include the results of WalletHub’s WalletLiteracy Survey.

Most Financially Literate States Least Financially Literate States
1. Nebraska 42. Nevada
2. Utah 43. West Virginia
3. Virginia 44. South Dakota
4. Colorado 45. South Carolina
5. Minnesota 46. Kentucky
6. Iowa 47. Mississippi
7. Washington 48. Oklahoma
8. Maine 49. New Mexico
9. North Carolina 50. Louisiana
10. Ohio 51. Arkansas

Key Stats

  • Minnesota has the lowest share of residents who spend more than they earn, 15.20 percent, which is 1.5 times lower than in Mississippi, the state with the highest at 22.55 percent.
  • Hawaii has the lowest share of residents paying only the minimum on their credit card(s), 25.63 percent, which is 1.7 times lower than in Mississippi, the state with the highest at 42.73 percent.
  • Colorado has the highest share of residents who attended financial-education classes or counseling sessions in past 12 months, 7.50 percent, which is 3.8 times higher than in West Virginia, the state with the lowest at 2.00 percent.
  • Utah has the lowest share of unbanked households, 1.20 percent, which is 9.3 times lower than in Mississippi, the state with the highest at 11.10 percent.

To view the full report and your state or the District’s rank, please visit:
https://wallethub.com/edu/most-and-least-financially-literate-states/3337

All News RSS Feed Business State News Thursday, April 6th, 2023

Reporter John Rogger