With April being Financial Literacy Month and more than 40 percent 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. The data set ranges from annual savings-account average to personal-bankruptcy rate to credit-card debt as a percentage of income.
Financial Savvy in New York (1=Most; 25=Avg.)
- 14th – Average Credit Score
- 1st – Credit Usage (%)
- 5th – Housing Expenses as a % of Median Home Price
- 19th – % of the Population Spending More than They Earn
- 2nd – % of the Population with Rainy-Day Funds
- 15th – Total Debt as % of Median Income
- 6th – Car-Loan Debt as a Percentage of Income
- 8th – % of the Population Paying Only the Minimum on Their Credit Cards
- 10th – WalletHub Financial Literacy Score
For the full report, please visit:
https://wallethub.com/edu/most-and-least-financially-savvy-states/20496/
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