MIAMI–Financial literacy is more important than ever, but a new analysis conducted by WalletHub finds great differences in levels of literacy on a state-by-state basis.
According to WalletHub, despite the critical need to be financially literate, Americans ended 2023 with $1.3 trillion in total credit card debt.
To identify the states with the best financial literacy, WalletHub said it analyzed financial-education programs and consumer habits in each of the 50 states and the District of Columbia, along with the results of WalletHub’s proprietary WalletLiteracy Test.
“Our data set of 17 key metrics ranges from high-school financial literacy grades to the share of adults with rainy-day funds,” the company said.
The WalletHub analysis said the five most financially literate states are Minnesota, Nebraska, Virginia, Colorado and New Mexico.
Ranked as the five least literate states were Arkansas, Oklahoma, South Dakota, Kentucky and Alaska.
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