How savvy are you when it comes to money matters? One good indicator could be your home state. Personal finance website WalletHub.com ranked the 50 states and the District of Columbia based on residents' abilities "when it comes to maintaining their household balance sheets." This latest study follows, and incorporates data from, WalletHub.com's 2016 ranking of states' financial literacy levels.
Analysts compared the jurisdictions across 20 "key metrics that represent financial savvy" — or a serious lack of it. According to WalletHub.com, its data set ranges from annual savings account averages and personal bankruptcy rates to credit card debt as a percentage of income. CNBC.com shares the top five most savvy — and bottom five least knowledgeable — U.S. states when it comes to dollars and sense, from WalletHub.com's list.
— By CNBC's Kenneth Kiesnoski
Posted 19 April 2016
5th most savvy: New York
Total score: 68.33
Spending and debt rank (out of 51): 4
WalletHub financial literacy rank: 10
Credit rank: 26
Saving rank: 2
Source: WalletHub.com
Pictured: Times Square, New York City
4th most savvy: Connecticut
Total score: 68.81
Spending and debt rank (out of 51): 9
WalletHub financial literacy rank: 8
Credit rank: 15
Saving rank: 5
Source: WalletHub.com
Pictured: Hartford, Connecticut
3rd most savvy: North Dakota
Total score: 68.96
Spending and debt rank (out of 51): 5
WalletHub financial literacy rank: 42
Credit rank: 1
Saving rank: 1
Source: WalletHub.com
Pictured: Fargo, North Dakota
2nd most savvy: New Hampshire
Total score: 69.00
Spending and debt rank (out of 51): 8
WalletHub financial literacy rank: 16
Credit rank: 6
Saving rank: 7
Source: WalletHub.com
Pictured: Manchester, New Hampshire
Most savvy: Minnesota
Total score: 69.39
Spending and debt rank (out of 51): 14
WalletHub financial literacy rank: 12
Credit rank: 2
Saving rank: 14
Source: WalletHub.com
Pictured: Minneapolis
5th least savvy (No. 47): Nevada
Total score: 37.97
Spending and debt rank (out of 51): 46
WalletHub financial literacy rank: 36
Credit rank: 50
Saving rank: 43
Source: WalletHub.com
Pictured: Las Vegas
4th least savvy (No. 48): Mississippi
Total score: 37.57
Spending and debt rank (out of 51): 48
WalletHub financial literacy rank: 23
Credit rank: 51
Saving rank: 50
Source: WalletHub.com
Pictured: Meridian, Mississippi
3rd least savvy (No. 49): New Mexico
Total score: 36.17
Spending and debt rank (out of 51): 50
WalletHub financial literacy rank: 33
Credit rank: 47
Saving rank: 51
Source: WalletHub.com
Pictured: Albuquerque, New Mexico
2nd least savvy (No. 50): Arkansas
Total score: 36.03
Spending and debt rank (out of 51): 42
WalletHub financial literacy rank: 47
Credit rank: 43
Saving rank: 49
Source: WalletHub.com
Pictured: Little Rock, Arkansas
Least savvy (No. 51): Missouri
Total score: 35.48
Spending and debt rank (out of 51): 32
WalletHub financial literacy rank: 51
Credit rank: 30
Saving rank: 37
Source: WalletHub.com
Pictured: Gateway Arch, St. Louis
