With April being National Financial Literacy Month and less than half of adults setting a budget, thepersonal finance website, WalletHub, today released its report on 2022’s Most & Least Financially Literate States, which analyzes financial-education programs and consumer habits in each of the 50 states and the District of Columbia.
Maryland was ranked 13th on the list, with a top 10 ranking in “Wallet Literacy.”
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.
| Most Financially Literate States | Least Financially Literate States |
| 1. Nebraska | 42. District of Columbia |
| 2. Utah | 43. New Mexico |
| 3. Virginia | 44. Connecticut |
| 4. Colorado | 45. West Virginia |
| 5. New Hampshire | 46. Mississippi |
| 6. North Carolina | 47. Alaska |
| 7. Maine | 48. Oklahoma |
| 8. Iowa | 49. South Dakota |
| 9. Minnesota | 50. Louisiana |
| 10. New Jersey | 51. Arkansas |
Key Stats
- Wisconsin has the lowest share of residents who spend more than they earn, 14.03 percent, which is 1.9 times lower than in Alaska, the state with the highest at 26.71 percent.
- New York has the lowest share of residents paying only the minimum on their credit card(s), 27.57 percent, which is 1.7 times lower than in Mississippi, the state with the highest at 46.32 percent.
- Colorado has the highest share of residents who attended financial-education classes or counseling sessions in past 12 months, 7.50 percent, which is 3.8 times higher than in West Virginia, the state with the lowest at 2.00 percent.
- New Hampshire has the lowest share of unbanked households, 0.50 percent, which is 25.6 times lower than in Mississippi, the state with the highest at 12.80 percent.
To view the full report, you can visit:
https://wallethub.com/edu/most-and-least-financially-literate-states/3337