CT ranks fourth as Most Financially Savvy State

With April being Financial Literacy Month and more than 40% of U.S. adults rating their knowledge of personal finance a “C” or lower, the personal finance website WalletHub conducted an in-depth analysis of 2016’s Most & Least Financially Savvy States.

In order to identify where Americans practice the best money habits, WalletHub’s analysts compared the 50 states and the District of Columbia across 20 key metrics that speak to financial savvy or the lack thereof. Our data set ranges from annual savings-account average to personal-bankruptcy rate to credit-card debt as a%age of income.

Most Financially Savvy States

Least Financially Savvy States

1 Minnesota 42 Alabama
2 New Hampshire 43 District of Columbia
3 North Dakota 44 Louisiana
4 Connecticut 45 Georgia
5 New York 46 Tennessee
6 Massachusetts 47 Nevada
7 Wisconsin 48 Mississippi
8 New Jersey 49 New Mexico
9 Pennsylvania 50 Arkansas
10 Iowa 51 Missouri

Comparing the states

  • Hawaii has the highest total debt as a%age of median income, 286.51%, which is two times higher than in Mississippi, the state with the lowest, 127.61%.
  • New Jersey has the highest foreclosure rate, 4.30%, which is 14 times higher than in Alaska, the state with the lowest, 0.30%.
  • Michigan has the highest housing expenses as a%age of median home price, 5.02%, which is three times higher than in Hawaii, the state with the lowest, 1.76%.
  • Hawaii and Nevada have the highest%age of the population spending more than they make, 23%, which is two times higher than in Maryland, the state with the lowest, 14%.
  • District of Columbia has the highest auto delinquency rate, 5.5%, which is four times higher than in North Dakota, the state with the lowest, 1.5%.
  • New Jersey has the highest mortgage delinquency rate, 5.4%, which is nine times higher than in North Dakota, the state with the lowest, 0.6%.
  • Arizona has the highest%age of residents with rainy day funds, 53%, which is two times higher than in Indiana, Mississippi and New Mexico, the states with the lowest, 33%.
  • Mississippi has the highest%age of unbanked households, 14.5%, which is eight times higher than in Alaska, the state with the lowest, 1.9%.

For the full report and to see where your area ranks, visit:

https://wallethub.com/edu/most-and-least-financially-savvy-states/20496/

2016-the-most-least-financially-literate-states-in-america

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