April is National Financial Literacy Month, a good time to discover which states have the best and worst financial literacy, according to WalletHub, an online financial information and research firm.
Everybody can use more financial education and knowledge, but the residents of some states are more in need than others. WalletHub analyzed the financial education programs and consumer habits of residents of the 50 states and the District of Columbia to determine who knows the most and least, as well as how they put that knowledge to work.
WalletHub sites some alarming statistics. Since the beginning of 2012, Americans have collectively racked up $153 billion in new credit-card debt and 20 percent of Americans spend more than they make. In addition to looking at spending and saving habits, WalletHub considered the answers to its prior WalletLiteracy Survey, which asks consumers how they rate themselves on financial issues.
Following are the 10 areas, in reverse order, where residents fare the worst for financial literacy and a few reasons why. 2016’s Most and Least Financially Literate States is available here.
No. 10 Rhode Island
Residents of this tiny state came in last for financial education and knowledge, and ranked 44th for sustainable spending habits.