PROVIDENCE – Financial services website WalletHub recently ranked Rhode Island No. 42 among the 50 states and the District of Columbia for financial literacy.
Rhode Island had the lowest ranking among the six New England states. New Hampshire ranked the highest in the region at No. 3 overall, followed by Maine at No. 7, Connecticut at No. 26, Vermont at No. 28 and Massachusetts at No. 31.
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To arrive at the rankings, WalletHub surveyed financial-education programs and consumer habits in all 51 locations. Overall, it considered 17 key metrics, including share of adults with “rainy day” funds, share of those who spend more than they earn and share of residents who compare credit card offers before applying.
It found people in Massachusetts were the best when it comes to refraining from overspending, relative to their income. Massachusetts had the lowest share of residents who spend more than they earn at 13.3%. Delaware had the highest share at 22.7%.
It also found that people in North Dakota are best about keeping some funds aside for emergencies. North Dakota had the highest share of residents with “rainy day” funds at 55.6%. West Virginia was the lowest at 37.9%.
Apparently, folks in Delaware are most prudent about signing up for credit cards, with nearly 46% comparing offers before applying. In Minnesota, it found, most consumers don’t look before they leap, ranking last with only 26.4% comparing offers.
Another metric was percentage of “unbanked” households, or homes with people having no bank accounts. Vermont and Minnesota came in first in that category because only 1.5% of their households are unbanked. At the other end of the spectrum is Mississippi with the highest share of unbanked households at 15.8%.
To view the full report, click here.
Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.
