46% of states lack adequate support for financial literacy

Almost half of all states got a failing grade on The Penny Hoarder’s new analysis of financial literacy in America


St. Petersburg, Florida, April 05, 2023 (GLOBE NEWSWIRE) -- How well do states support financial literacy and resilience? A new analysis by The Penny Hoarder reveals the rankings of all 50 states, based on a 100-point scale evaluating financial literacy course requirements, average credit scores, wage disparity, predatory loan protections and other criteria.

  • New Hampshire ranked #1 with a score of 79.9%
  • Nevada ranked #50 with a score of only 40%
  • No state got above an 80%, showing that no state is providing support above a B-

Full ranking of best and worst states for financial literacy

Rank State Score
1 New Hampshire 79.9%
2 Virginia 79.7%
3 Nebraska 78.6%
4 North Carolina 76.0%
5 Georgia 75.0%
6 Ohio 74.6%
7 Maryland 72.0%
8 Connecticut 71.4%
9 New Jersey 70.4%
10 Rhode Island 70.1%
11 South Dakota 68.8%
12 Iowa 67.6%
13 Massachusetts 67.1%
14 Colorado 66.9%
15 Florida 66.8%
16 Missouri 66.2%
17 Vermont 65.7%
18 New Mexico 65.4%
19 Kansas 65.2%
20 West Virginia 64.3%
21 Montana 64.3%
22 Pennsylvania 64.1%
23 Michigan 62.8%
24 Utah 61.9%
25 Illinois 61.6%
26 South Carolina 61.5%
27 Arkansas 61.1%
28 Tennessee 59.8%
29 Arizona 58.8%
30 New York 58.5%
31 Alabama 56.9%
32 Maine 56.8%
33 Minnesota 56.4%
34 Washington 56.1%
35 Mississippi 54.1%
36 North Dakota 53.5%
37 Wyoming 52.8%
38 Oregon 50.4%
39 Oklahoma 50.0%
40 Wisconsin 49.9%
41 Hawaii 49.8%
42 Texas 49.1%
43 Indiana 46.6%
44 Delaware 45.3%
45 Alaska 45.0%
46 Idaho 44.0%
47 Kentucky 43.8%
48 Louisiana 43.5%
49 California 42.9%
50 Nevada 40.0%

Read the full report here: https://www.thepennyhoarder.com/save-money/financial-literacy-report/

METHODOLOGY: The Penny Hoarder evaluated all 50 states using 27 evaluation criteria organized into six categories: personal consumption, household earnings, financial knowledge, personal retirement savings, state policy supporting financial literacy education and resilience and economic resilience of residents.

ABOUT THE PENNY HOARDER: The Penny Hoarder is one of the nation’s largest personal finance brands. We help people take control of their personal finances and make smart money decisions by sharing actionable articles and resources on how to earn, save and manage money. The Penny Hoarder continues to strive for a world where there is less money stress by empowering people to make smart choices with their money.

Attachment

 
Best & Worst States for Financial Literacy

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