April is Financial Literacy Month: Which states' citizens know how to spend their money, and which do not?
The least financially literate state in the nation isn’t actually a state.
Instead, it’s the District of Columbia — the nation’s capital — according to WalletHub.
The website has given each state and Washington, D.C., a numerical score and corresponding grade for its financial literacy.
The scores are based on 12 metrics, such as the percentage of residents with a rainy-day fund and the percentage of residents who spend more than they earn.
The District of Columbia earned an overall score of 51.3 out of 100, which equated to a C+.
The most financially literate state, New Hampshire, earned an overall score of 69.93, which equated to a B.
The most financially literate states are:
- New Hampshire
- New Jersey
- New York
The least financially literate states are:
- District of Columbia
- New Mexico
- Rhode Island
Ready to put your own financial literacy to the test? Check out this Money Talks News series:
- “Pop Quiz: Is It Better to Have a Tax Credit or a Tax Deduction?“
- “Pop Quiz: Does an Airline Have to Put You Up in a Hotel When Your Flight is Canceled?“
- “Pop Quiz: Who Do You Contact First When You Want to Buy a Home?“
- “Pop Quiz: Terrorists Destroy Your Home. Will the Insurance Company Pay?“
- “Pop Quiz: Does Your Debt Disappear After the Statute of Limitations Runs Out?“
- “Pop Quiz: Can You Profit When Stocks Fall?“
- “Pop Quiz: Does a Store Have to Honor a Misprinted Price?“
- “Pop Quiz: Can a Store Force You to Spend $10 to Use a Credit Card?“
What grade would you give your own financial literacy? Let us know why by leaving a comment below or on our Facebook page.