WalletHub’s analysts compared the 50 states and the District of Columbia across 20 key metrics that represent financial savvy—or lack thereof.
Its data set ranges from annual savings account average to personal bankruptcy rate to credit card debt as a percentage of income.
WalletHub found the top five financially savvy states are Minnesota, New Hampshire, North Dakota, Connecticut and New York. The bottom of the list includes Nevada, Mississippi, New Mexico, Arkansas and Missouri.
Drilling down to some of the factors considered in its ranking, Minnesota, North Dakota, South Dakota, Hawaii and Vermont were found to have the highest average credit score, while Alabama, Louisiana, Georgia, Nevada and Mississippi were found to have the lowest. The lowest total debt as a percentage of median income was found in Mississippi, West Virginia, Louisiana, Alabama, and Oklahoma, while the highest was found in Oregon, Colorado, Utah, California, and Hawaii.
States ranking highest in percentage of population with rainy day funds included Arizona, New York, Massachusetts, North Dakota, California and Illinois, and those ranking lowest included Michigan, Nevada, Kentucky, Indiana, Mississippi and New Mexico.
You can see where your state ranks here.
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