Banking, finance, and taxes
Why Massachusetts Is First in Financial Literacy
Published:
Last Updated:
Massachusetts is the most financially literate state, based on a study by WalletHub that evaluated all 50 states and the District of Columbia on their financial savviness.
Northeastern states occupy four of the top five spots: Massachusetts (1), New Hampshire (2), Connecticut (3) and New Jersey (5) are joined in the top echelon by Minnesota (4).
Also in the top 10 are northeastern states Rhode Island (9) and New York (10).
Mississippi ranks as the least financially savvy state on the list. Six of the bottom 10 states are in the South: Mississippi (51), Arkansas (50), Louisiana (45), Georgia (44), South Carolina (43) and Tennessee (42).
To determine the financially savviest states, WalletHub’s analysts compared the 50 states and the District of Columbia across 23 metrics that represent financial acumen. The data set ranges from median credit score to annual savings-account average to credit-card debt as a share of income.
Among key takeaways from the report were the following:
https://wallethub.com/edu/most-and-least-financially-savvy-states/20496/
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.