The best and worst states for financial literacy

How financially savvy is your state?

The newly released U.S. Financial Capability Study from the Financial Industry Regulatory Authority Investor Education Foundation surveyed 27,564 American adults from each of the 50 states and the District of Columbia, quizzing them on their financial knowledge and habits. Had they ever used a payday loan? Do they have an emergency fund? Can they understand how a shorter mortgage term affects total interest paid?

Some states cleaned up on FINRA's resulting best-of lists, while others were frequent offenders on the worst-of counterparts. These 13 were among those most mentioned — good and bad. (FINRA is the brokerage industry's self-regulatory organization.)

— By CNBC's Kelli B. Grant
Posted 12 July 2016

Positive nods:

Best, for fewest residents paying just the minimum on their credit cards (23.9 percent)

Second best, for most residents with emergency funds (53.6 percent)

Fourth best, for fewest residents using nonbank borrowing, like payday loans (17.2 percent)

Tied for fifth best with North Dakota, for most questions right on FINRA's five-question financial literacy test (average 3.54)

Negative nods: NA

Positive nods:

Best, for most residents with emergency funds (55.5 percent)

Fourth best, for most residents who spend less than they earn (44.6 percent)

Fourth best, for fewest residents having negative equity on their home (4 percent)

Tied for fifth with New Hampshire, for most questions right on FINRA's five-question financial literacy test (average 3.54)

Negative nods: NA

Positive nods:

Best, for most residents who spend less than they earn (47.8 percent)

Best, for most residents comparison-shopping credit cards (46 percent)

Negative nods: NA

Positive nods:

Best, for most questions right on FINRA's five-question financial literacy test (average 3.78)

Tied for best with Vermont, for fewest residents have negative equity on their home (3.7 percent)

Negative nods: NA

Positive nods:

Best, for fewest residents with overdue medical bills (5.2 percent)

Fourth, for most residents with emergency funds (52.4 percent)

Negative nods: NA

Positive nods:

Best, for fewest residents using nonbank borrowing, like payday loans (15.2 percent)

Tied for best with Montana, for fewest residents have negative equity on their home (3.7 percent)

Second, for most questions right on FINRA's five-question financial literacy test (average 3.66)

Negative nods:

Tied for fourth worst with Arizona, for fewest residents spending less than they earn (36.5 percent)

Positive nods:

Second best, for fewest residents with overdue medical bills (11.1 percent)

Second, for fewest residents paying just the minimum on their credit cards (25.1 percent)

Third, for most residents with emergency funds (52.7 percent)

Negative nods:

Worst, for fewest residents comparison-shopping credit cards (34.5 percent)

Positive nods:

Tied for third with Arizona, for most residents comparison-shopping credit cards (40.8 percent)

Negative nods:

Worst, for most residents paying just the minimum on their credit cards (39.6 percent)

Second worst, for most residents with overdue medical bills (29.5 percent)

Fifth worst, for most residents using non-bank borrowing (32.2 percent)

Positive nods:

Second best, for most residents comparison-shopping credit cards (42 percent)

Negative nods:

Worst, for most residents with overdue medical bills (32.6 percent)

Worst, for most residents using nonbank borrowing (34.6 percent)

Third worst, for fewest residents with emergency funds (44 percent)

Positive nods: NA

Negative nods:

Worst, for most residents with negative equity on their home (15.5 percent)

Third worst, for fewest questions right on FINRA's five-question financial literacy test (average 2.89)

Positive nods: NA

Negative nods:

Tied for worst with California, for fewest questions right on FINRA's five-question financial literacy test (average 2.97)

Fifth worst, for fewest residents comparison-shopping credit cards (37.4 percent)

Tied for fifth worst with Alaska, for most residents paying just the minimum on their credit cards (36.3 percent)

Positive nods: NA

Negative nods:

Worst, for fewest residents with emergency funds (40.8 percent)

Tied for worst with Arkansas, for most residents paying just the minimum on their credit cards (39.6 percent)

Third worst, for most residents with overdue medical bills (27.5 percent)

Positive nods: NA

Negative nods:

Worst, for fewest residents spending less than they earn (35.2 percent)

Second worst, for fewest residents with emergency funds (42.5 percent)

Second worst, for most residents paying just the minimum on their credit cards (36.4 percent)

Fourth worst, for most residents using nonbank borrowing (32.7 percent)