Personal Finance

States with the best (and worst) financial literacy

Josh Weiss
WATCH LIVE

Is your state financially literate?

Hiroshi Watanbe | Getty Images

With National Financial Literacy Month approaching, WalletHub.com released its 2016 report on how the 50 states are doing. The financial information website looked at financial education programs as well as consumer habits in creating the list. States were ranked by their overall financial literacy, financial knowledge and education, and consumer planning and daily habits such as saving money for a rainy day fund.

Here are WalletHub's states that are the most — and least — financially literate.

—By Josh Weiss, special to CNBC.com
Posted March 30, 2016

No. 1 New Hampshire

Downtown Manchester, New Hampshire along the banks of the Merrimack River.
Denise Tangney Jr. | Getty Images

Overall financial literacy rank: 1

Financial knowledge and education rank: 6

Consumer planning and daily habits rank: 1

Shoutout: This state had the lowest high school dropout rate and fourth-lowest nonbank borrowing rate.

No. 2 Minnesota

Greg Benz | Getty Images

Overall financial literacy rank: 2

Financial knowledge and education rank: 5

Consumer planning and daily habits rank: 16

No. 3 Illinois

Chicago, Illinois
Matt Frankel | Getty Images

Overall financial literacy rank: 3

Financial knowledge and education rank: 12

Consumer planning and daily habits rank: 13

No. 4 New Jersey

Jersey City, New Jersey
Cezary Zarebski Photography | Getty Images

Overall financial literacy rank: 4

Financial knowledge and education rank: 8

Consumer planning and daily habits rank: 5

Shoutout: Tied with Alabama for second-lowest high school dropout rate.

No. 5 Maryland

Downtown Baltimore, Maryland
Greg Pease | Getty Images

Overall financial literacy rank: 5

Financial knowledge and education rank: 4

Consumer planning and daily habits rank: 4

Shoutout: Tied with West Virginia for most sustainable spending habits.

Mississippi (fifth worst)

Madison is part of the Jackson metro area in Mississippi
Dosfotos | Design Pics | Getty Images

Overall financial literacy rank: 47

Financial knowledge and education rank: 36

Consumer planning and daily habits rank: 51

Bad habits: Tied with New Mexico and Indiana for the fewest people with a rainy day fund.

Arkansas (fourth worst)

Little Rock, Arkansas
Walter Bibikow | Getty Images

Overall financial literacy rank: 48

Financial knowledge and education rank: 16

Consumer planning and daily habits rank: 48

Bad habits: Second in most unbanked households.

Nevada (second worst)

Eleanor Scriven | Robert Harding | Getty Images

Overall financial literacy rank: 49

Financial knowledge and education rank: 38

Consumer planning and daily habits rank: 49

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

Alaska (worst state)

Seward Alaska City Viewed from Resurrection Bay
Sarkophoto | Getty Images

Overall financial literacy rank: 50

Financial knowledge and education rank: 49

Consumer planning and daily habits rank: 20

Bad habits: Highest school dropout rate.

Pennsylvania Avenue at dusk, Washington D.C.
Jon Hicks | Getty Images

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