WalletHub Report Highlights Financial Literacy Disparities Across U.S. States
A recent study by WalletHub has ranked U.S. states based on their levels of financial literacy, revealing significant disparities in how residents manage personal finances. The study assessed states on 'financial planning & habits,' 'financial knowledge & education,' and performance on a 'WalletLiteracy' test. Minnesota emerged as the most financially literate state, boasting the highest median credit score of 750, indicating responsible credit management. Colorado followed closely, excelling in financial planning and education, partly due to its emphasis on higher education and mandatory financial education in schools. Conversely, Arkansas ranked lowest, with poor scores across all metrics, highlighting deficiencies in financial education and planning.