ALBANY, N.Y. (NEWS10)- New York ranks 24 for the most financially literate state, according to WalletHub. This may seem like a middle-of-the-road ranking, but WalletHub said it means New York still has strong financial literacy.
WalletHub looked at how many adults save money, spend more than they earn, pay the minimum on credit cards, education, and other aspects of financial literacy to rank each state. Nebraska was determined to be first in financial literacy with a score of 69.44. Arkansas was found to be the least financially literate with a score of 54.16 and New York scored 62.22.
“The importance for people to be smart about their finances has become even more pronounced during the COVID-19 pandemic, which has impacted many Americans’ wallets and caused huge shifts in the job market,” WalletHub said.
The report said that by the end of 2021, Americans had almost $1 trillion in credit card debt. It also said Americans were poor planners, only 50% adults have a household budget.
New York’s rankings
|WalletHub’s ‘WalletLiteracy Survey’ score||20|
|% of adults aged 18+ who spend more than they earn||17|
|% of adults aged 18+ with rainy-day funds||3|
|% of unbanked households||33|
|% of adults aged 18+ paying the minimum on credit card(s)||1|
|% of adults aged 18+ who compare credit cards before applying||5|
|High-school financial literacy grade||39|
WalletHub used 17 metrics to give states a score out of 100. Half of the score points were derived from its WalletLiteracy Survey.