The issue of widespread financial illiteracy -- not just in this country, but around the world -- has rightfully garnered significant attention in the aftermath of the Great Recession. The housing market collapse and ensuing financial crisis served as a stark reminder of our societal obsession with debt as well as the dangers of fingertip financial access in the hands of consumers who are marked by a hope-for-the-best, figure-it-out-later attitude and an obvious lack of financial aptitude. But how much did we really learn, and what are we doing to help future generations avoid repeating our mistakes?
Not enough, it would seem. We've collectively racked up more than $73 billion in new credit card debt since the beginning of 2012, and it's little surprise given that only two in five adults actually have a budget. There's really no shortage of statistics that one can quote to illustrate our money management shortcomings -- from the 19% of Americans who spend more than they make to the 60% of folks who don't have a rainy day fund.
Where are the problems most and least pronounced, and which areas of the country are taking the necessary measures to foster a financially prosperous future? That's what WalletHub sought to discover by analyzing financial education programs and consumer habits in each of the 50 states as well as the District of Columbia, using 12 key metrics ranging from Champlain University's High School Financial Literacy Grades to the percentage of residents with a rainy day fund. More information about our methodology, as well a complete breakdown of our findings and expert commentary, can be found here.
Knowledge and Education Sub-Rank
Planning and Daily Habits Sub-Rank
|30||District of Columbia||30||33|