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
- New Jersey
- New York
- Washington
- Maryland
- California
Bottom 5
- Montana
- Idaho
- Vermont
- South Dakota
- Oklahoma
Topic 2: Planning Ahead
Top 5
- New Jersey
- New York
- Washington
- New Hampshire
- Massachusetts
Bottom 5
- Oklahoma
- Kentucky
- Montana
- Arkansas
- Maine
Topic 3: Managing Financial Products
Top 5:
- New Jersey
- New Hampshire
- Massachusetts
- New York
- California
Bottom 5:
- Montana
- Oklahoma
- Wyoming
- Mississippi
- 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.
Hmmm, way to go, Oklahoma. We also get a dubious award for being the #1 or #2 fattest state.
Wow that is some rough stuff. Fat and Stupid is no way to go through life….
https://www.youtube.com/watch?v=bK-Dqj4fHmM
heh heh, that’s a good one.
However, I believe the line from AH was “fat, drunk and stupid”. Regrettably, Oklahoma is not in the top 10. But, it’s something to strive for! One can only dream…
Gosh. I can’t believe it: something in which my state doesn’t rank among the bottom 5!!!!!
It’s a miracle.
HAHAHAHAH what does AZ rank low in? I couldn’t imagine health…maybe just tolerance? LOL
One way to solve this problem is to require financial literacy as a graduation requirement for high school and college.
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
I got 5 out of 5 correct also.. where is my Series 7 license? 🙂
It is coming in the mail with your phoenix online degree is nuclear physics
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.
Zing! That’s gotta hurt!