Minnesota’s Financial Literacy Showing Alarming Results [Infographic]
April is National Financial Literacy Month, which means us Minnesotan's are asked to understand our financial well-being and become 'money smarter'. Here's how we rank.
The folks at Wallethub released their yearly report on the US states who are most, and least, financially literate. We've taken just the results from Minnesota below, but if you'd like to see the other states, click here.
The metrics used look at a bunch of categories to determine how we look -vs- all the other states, ranking 1 (best) to 25 (worst). In some areas we rank well, but in others the results are alarming...and not in a good way. The overall result puts us at #2 in the country!
3rd for % of Adults Aged 18+ with Rainy-Day Funds
7th for % of Unbanked Households
7th for % of Adults Aged 18+ Who Borrow from Nonbank Lenders
2nd for % of Adults Aged 18+ Paying Only Minimum on Credit Card(s)
6th for High-School Financial Literacy Grade
12th for % of Adults Aged 18+ Who Scored at Least 80% on FINRA’s Financial Literacy Test
11th for % of Adults Aged 25+ with at Least a Bachelor’s Degree
Considering the Ritchie Rich's seem to occupy New Hampshire, I'm OK with Minnesota being #2 in the entire country!