Wallethub.com recently released its financial literacy rankings of the 50 states and Washington, D.C., and found there is a huge financial literacy problem in the U.S. For instance, less than half of adults use a budget to monitor expenditures, and 60% do not have a rainy-day fund. On top of that, about one in five spend more than they earn.
Wallethub.com also assessed states based on two categories: knowledge & education; and planning & daily habits.
The site looked at the high school dropout rate, results of a Financial Industry Regulatory Authority literacy survey and the percentage of adults with a bachelor's degree, among other measures, to rate states in the first category, literacy. The second category, behavior, included looking at the percentage of people who spend more than they earn, how many have a rainy-day fund and how many pay only the minimum payment on their credit cards, among other measures.
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