Is My State Financially Literate?

by Evan

FINRA

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!

Financial Capability Study - My Results

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

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12 comments

101 Centavos January 26, 2011 - 6:24 am

Hmmm, way to go, Oklahoma. We also get a dubious award for being the #1 or #2 fattest state.

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Evan January 28, 2011 - 10:50 am

Wow that is some rough stuff. Fat and Stupid is no way to go through life….

http://www.youtube.com/watch?v=bK-Dqj4fHmM

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101 Centavos January 30, 2011 - 6:05 pm

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…

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Funny about Money January 26, 2011 - 8:42 pm

Gosh. I can’t believe it: something in which my state doesn’t rank among the bottom 5!!!!!

It’s a miracle.

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Evan January 28, 2011 - 10:51 am

HAHAHAHAH what does AZ rank low in? I couldn’t imagine health…maybe just tolerance? LOL

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krantcents January 27, 2011 - 3:18 pm

One way to solve this problem is to require financial literacy as a graduation requirement for high school and college.

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Jeff January 27, 2011 - 8:32 pm

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.

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Evan January 28, 2011 - 10:55 am

@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

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Investor Junkie January 27, 2011 - 9:52 pm

I got 5 out of 5 correct also.. where is my Series 7 license? 🙂

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Evan January 28, 2011 - 10:58 am

It is coming in the mail with your phoenix online degree is nuclear physics

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Janet January 31, 2011 - 1:14 pm

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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Investor Junkie January 31, 2011 - 1:27 pm

Zing! That’s gotta hurt!

Reply

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