When it comes to financial literacy, I am sure we could all use a little tutoring. However, according to recent research, where you live may have a big impact on your own financial literacy.
See the map below and find where your state falls in order of the most financially literate people in the America – and the least!
Financial Literacy Map
How Each State Was Scored
The research used several different factors to determine which states were more savvy than others, including:
– Percentage of people who spend more than they make
– Percentage of people with a rainy day fund
– Percentage of people paying only minimum payments on credit cards
– Percentage of “unbanked households”
Other educational factors were included as well, like:
– High school dropout rate
– Percentage of people with a Bachelor’s degree or higher
– Number of libraries per capita
Shocked at where you land? Reverse the trend and get a higher grade by developing and living by a budget (only two in five Americans use a budget).
Comment below and tell us what grade did your state receive! Do you think it is an accurate grade?
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