The Great Recession left millions of Americans reeling, with many buried under a mountain of debt when the housing bubble burst and credit card charges piled up.
With the economy continuing its slow recovery, it might have been expected that Americans would get their financial houses in order. But according to WalletHub.com's latest state rankings of financial literacy, too many have not learned the hard lessons.
The rankings, which included the District of Columbia, showed a woeful lack of knowledge about managing finances.
Since 2012, credit card debt has risen by $153 billion, a sign that the bitter taste of 2008 might have been forgotten. As for making a family budget, half of those in the U.S. don't bother. In addition, 54% don't have any money saved for emergencies and, as was the case last year, 20% outspend their incomes.
The site used three criteria to rate states: Its own literacy survey, planning and daily habits, and knowledge and education. Components of the second category included 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 things. The third category included looking at the percentage of people who spend more than they earn, how many have a rainy day fund and those paying just the minimum due on credit cards.
Taking everything into account led to the site's U.S. rankings with the literacy test counting for half a state's score.
It's notable that even the smartest states fall well short of a perfect 100 in the scoring.
Check out the 10 smartest states for financial literacy:
10. Virginia
Overall score: 65.86
Literacy: 44 out of 51
Planning and daily habits: 25 out of 51
Knowledge and education: Two out of 51
9. New York
Overall score: 66.11
Literacy: 44
Planning and daily habits: 25
Knowledge and education: Two
8. Utah
Overall score: 66.46
Literacy: 46
Planning and daily habits: Six
Knowledge and education: One
7. Florida
Overall score: 66.69
Literacy: Two
Planning and daily habits: 14
Knowledge and education: 27
6. Maine
Overall score: 66.79
Literacy: 17
Planning and daily habits: Seven
Knowledge and education: 11
5. Maryland
Overall score: 66.95
Literacy: 35
Planning and daily habits: Four
Knowledge and education: Four
4. New Jersey
Overall score: 67.11
Literacy: 22
Planning and daily habits: Five
Knowledge and education: Eight
3. Illinois
Overall score: 67.24
Literacy: Six
Planning and daily habits: 12
Knowledge and education: 13
2. Minnesota
Overall score: 68.12
Literacy: 12
Planning and daily habits: 16
Knowledge and education: Five
1. New Hampshire
Overall score: 69.93
Literacy: 16
Planning and daily habits: One
Knowledge and education: Six
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