How does your state rank on financial literacy?

Americans don't have a great track record when it comes to financial literacy, but some states have more money-smart residents than others.

To gauge residents' financial literacy, WalletHub.com assessed financial knowledge and education in the 50 states and the District of Columbia. It used factors including school dropout rates and results on financial literacy surveys. But it also looked at who's putting that knowledge into action, factoring in the percentage of state residents who held to good financial habits (like building an emergency fund), as well as bad ones (spending more than they earn or using payday loans).

Whether your state ranks at the top or toward the bottom, consider the results in the context of your own finances, said Bruce McClary, a spokesman for the National Foundation for Credit Counseling. "Don't worry about how other people are managing their money, whether they're doing a good job or not," he said. Ultimately, what matters is whether your financial behaviors could stand some improvement—and it's never too late to seek out a financial literacy class, talk with an advisor or counselor, or track down other resources. "Financial education is the key to all this, knowing what to do and how to manage your finances in a way that's healthy," he said.

Based on WalletHub.com's rankings, these 10 states are the most—and least—financially literate.

—By CNBC's Kelli B. Grant
Posted April 1, 2015

Overall Financial Literacy Rank: 1

Knowledge & Education Rank: 2

Planning & Daily Habits Rank: 1

Special nods: Lowest high school dropout rate and second-lowest nonbank borrowing rate.

Overall Financial Literacy Rank: 2 (tie with Massachusetts)

Knowledge & Education Rank: 1

Planning & Daily Habits Rank: 7

Special nods: Fourth lowest high school dropout rate.

Overall Financial Literacy Rank: 2 (tie with Utah)

Knowledge & Education Rank: 21

Planning & Daily Habits Rank: 2

Special nods: Third highest rate of residents with a "rainy day" fund.

Overall Financial Literacy Rank: 4

Knowledge & Education Rank: 12

Planning & Daily Habits Rank: 4

Special nods: Tied with West Virginia for most sustainable spending habits.

Overall Financial Literacy Rank: 5

Knowledge & Education Rank: 11

Planning & Daily Habits Rank: 9

Special nods: Lowest nonbank borrowing rate and tied with Alabama for second-lowest high school dropout rate.

Overall Financial Literacy Rank: 47 (fifth worst)

Knowledge & Education Rank: 47

Planning & Daily Habits Rank: 45

Bad habits: Tied with Mississippi for lowest rate of residents with a "rainy day" fund and third-highest high school dropout rate.

Overall Financial Literacy Rank: 48

Knowledge & Education Rank: 43

Planning & Daily Habits Rank: 49

Bad habits: Second-highest rate of unbanked households.

Overall Financial Literacy Rank: 49

Knowledge & Education Rank: 51

Planning & Daily Habits Rank: 47

Bad habits: Fourth-highest rate of unbanked households.

Overall Financial Literacy Rank: 50

Knowledge & Education Rank: 41

Planning & Daily Habits Rank: 50

Bad habits: Tied with Hawaii for least sustainable spending habits.

Overall Financial Literacy Rank: 51

Knowledge & Education Rank: 49

Planning & Daily Habits Rank: 51

Bad habits: Most unbanked households and tied with New Mexico for lowest rate of residents with a "rainy day" fund.

How financially literate is your state? Click here to find your state.