WalletHub Study: NJ Is 2022’s 10th Most Financially Literate State

On Apr 6, 2022

With April being National Financial Literacy Month and less than half of adults setting a budget, the free credit score website WalletHub released its report on 2022’s Most & Least Financially Literate States, as well as accompanying videos and expert commentary, which analyzes financial-education programs and consumer habits in each of the 50 states and the District of Columbia.

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 grade to share of adults with a rainy-day fund.

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

• 15th – WalletHub’s ‘WalletLiteracy Survey’ Score
• 20th – % of Adults Aged 18+ Who Spend More than They Earn
• 18th – % of Adults Aged 18+ with Rainy-Day Funds
• 18th – % of Unbanked Households
• 14th – % of Adults Aged 18+ Paying Only Minimum on Credit Card(s)
• 29th – % of Adults Aged 18+ Who Compare Credit Cards Before Applying
• 18th – High-School Financial Literacy Grade

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

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