The topic of finances has long been a struggle for many, from the Great Recession to collapses of housing markets all the way to the COVID-19 pandemic and recent high inflation.
The personal finance website WalletHub recently conducted a study regarding all things finance to determine how much has been learned from past mistakes and what may help future generations in not repeating them. Unfortunately, it was found that not much has changed, with 2022 ending in over $1 trillion in credit card debt in the United States.
It was found that less than half of adults follow a budget and that better financial education is clearly a necessity. However, these problems are not so glaring in each of the 50 states. Through consumer habits, financial education programs, and surveys, WalletHub analyzed the most and least financially literate states.
While Utah was not successful in ranking number one, the Beehive State did come in at number two for the most financially successful states, ranking just under Nebraska’s 69.06 total score at 68.54.
In contrast, the three least successful states for finances were New Mexico, Louisiana and Arkansas. Utah was also found in the top spot in regard to a share of unbanked households, followed by Maine, Wyoming and New Hampshire.
Public high school graduation rates, the share of adults with rainy day funds, sustainable spending habits and more were also analyzed to determine the findings. Utah also ranked highly in the study in regard to strong educations and high credit scores.
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