Is My State Financially Literate?

Is My State Financially Literate?

FINRA, The U.S. Department of the Treasury and the President’s Council on Financial  Literacy came together to survey American across the country to determine those States with the most and least amount of financial literacy.  Specifically, The Financial Capability Study,

…highlights how many Americans are disadvantaged by their lack of financial capability, and offers a wealth of previously unavailable information on Americans’ behavior relating to how they manage their resources and how they make financial decisions (including the factors they consider and the skill sets they use). This robust set of multi-dimensional measurements allows policymakers and researchers to look at individual financial behavior from various angles, at a level of detail that has never been possible before.

Results of the Financial Capability Study

The results are interesting, and I am happy to say that my State, New York, ranked high in almost every category.  Some of the topics/results include:

Topic 1: Spending vs. Savings

Top 5

  1. New Jersey
  2. New York
  3. Washington
  4. Maryland
  5. California

Bottom 5

  1. Montana
  2. Idaho
  3. Vermont
  4. South Dakota
  5. Oklahoma

Topic 2: Planning Ahead

Top 5

  1. New Jersey
  2. New York
  3. Washington
  4. New Hampshire
  5. Massachusetts

Bottom 5

  1. Oklahoma
  2. Kentucky
  3. Montana
  4. Arkansas
  5. Maine

Topic 3: Managing Financial Products

Top 5:

  1. New Jersey
  2. New Hampshire
  3. Massachusetts
  4. New York
  5. California

Bottom 5:

  1. Montana
  2. Oklahoma
  3. Wyoming
  4. Mississippi
  5. South Carolina

Taking the Quiz Myself

I decided to try out the quiz myself and see how I did.  I am pretty sure this was a shortened quick 5 question version of the test, but your favorite personal finance blogger got 5 for 5!

How did your State do? You can find all the results at the FINRA Investor Education Website.

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12 Responses to Is My State Financially Literate?

  1. I think that I’m with krant on this one. Financial literacy needs to be taught to kids while they are in school, before they make mistakes many of us have made.
    Also, my state (wyoming) was only on there 1 time.

    • @KrantCents and Jeff,

      I agree and disagree. Like most things that are personal I believe it should start in the home. Teaching kids about CCs/savings should be the responsibility of parents

  2. I guess the Treasury conveniently left out the politicians in D.C. in their study. Surely D.C. would’ve been in the bottom 5 in the Spending vs. Saving category, and probably the in the bottom in the Planning Ahead category, too.

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