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Mon. May 20th, 2024

 

Missouri Ranks #24 Of “Most Financially Literate” States In The US

How financially literate is the State of Missouri compared to the rest of the country?

A report from the personal finance website WalletHub.com puts Missouri at #24.

The study used 17 key metrics ranging from high school financial literacy grades to the share of adults with rainy-day funds.

One of the metrics, the share of unbanked households, puts Missouri near the bottom at #49.

Overall…Virginia and Nebraska were right behind Minnesota as being the most financially literate states while South Dakota, Oklahoma and Arkansas are the least financially literate.

 

More info:

With April being National Financial Literacy Month and WalletLiteracy Scores varying by 29% across the states, the personal-finance website WalletHub today released its report on the Most & Least Financially Literate States in 2024, which analyzes financial-education programs and consumer habits in each of the 50 states and the District of Columbia.

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

Most Financially Literate States Least Financially Literate States
1. Minnesota 42. District of Columbia
2. Nebraska 43. California
3. Virginia 44. Louisiana
4. Colorado 45. Mississippi
5. New Hampshire 46. Tennessee
6. New Jersey 47. Alaska
7. Utah 48. Kentucky
8. Iowa 49. South Dakota
9. Wisconsin 50. Oklahoma
10. Washington 51. Arkansas

Key Stats

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

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

Reporter Mike Anthony