NJ Among Country’s Most Financially Literate States

On Apr 4, 2019

New Jersey is the fourth most financially literate state in the country according to a report released by the credit score website WalletHub. WallebHub’s report, “2019’s Most & Least Financially Literate States,” compared the 50 states and the District of Columbia across three key dimensions including: WalletHub’s “WalletLiteracy Survey” Score; financial planning and habits; and financial knowledge and education.

The study uses a data set of 17 key metrics, including the results of WalletHub’s WalletLiteracy Survey, which range from high-school financial literacy grades to the share of adults with a rainy-day fund.

A breakdown of New Jersey’s specific rankings can be found below.

Financial Literacy in New Jersey (1=Most Financially Literate, 25=Avg.):

• 10th – WalletHub’s ‘WalletLiteracy Survey’ Score
• 22nd – Percent of Adults Aged 18+ Who Spend More than They Earn
• 9th – Percent of Adults Aged 18+ with Rainy-Day Funds
• 22nd – Percent of Unbanked Households
• 5th – Percent of Adults Aged 18+ Paying Only Minimum on Credit Card(s)
• 6th – High-School Financial Literacy Grade

Top 10 Overall Financial Literacy Ranks

Overall Rank*	State	Total Score	‘WalletLiteracy’ Rank	‘Financial Planning & Habits’ Rank	‘Financial Knowledge & Education’ Rank
1	Virginia	68.03	28	7	2
2	Utah	67.97	46	3	1
3	New Hampshire	67.36	7	1	8
4	New Jersey	66.79	10	13	5
5	Minnesota	65.72	5	6	9
6	Maryland	65.68	14	15	6
7	Maine	65.09	1	19	13
8	Colorado	64.30	6	9	16
9	North Dakota	63.68	32	5	10
10	New York	63.02	12	18	18

For the full report, please visit: http://wallethub.com/edu/most-and-least-financially-literate-states/3337/

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