North Carolina Is 2022’s 6th Most Financially Literate State

By
Charlotte Stories
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With April being National Financial Literacy Month and less than half of adults setting a budget, the personal finance site 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.

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

North Carolina ranked 6th in the nation overall.

Financial Literacy in North Carolina (1=Most Financially Literate, 25=Avg.):

  • 28th – WalletHub’s ‘WalletLiteracy Survey’ Score
  • 21st – % of Adults Aged 18+ Who Spend More than They Earn
  • 10th – % of Adults Aged 18+ with Rainy-Day Funds
  • 11th – % of Unbanked Households
  • 30th – % of Adults Aged 18+ Who Compare Credit Cards Before Applying
  • 1st – High-School Financial Literacy Grade

Our neighbors to the south, South Carolina, ranked considerably worse, coming in at #39 overall.

Most Financially Literate States

Overall Rank  State Total Score  WalletLiteracy  Financial Planning & Habits  Financial Knowledge & Education 
1 Nebraska 69.44 28 3 6
2 Utah 68.29 10 2 37
3 Virginia 67.83 23 1 39
4 Colorado 67.55 4 10 9
5 New Hampshire 67.27 1 25 1
6 North Carolina 67.11 20 5 28
7 Maine 66.80 5 18 3
8 Iowa 66.51 41 7 11
9 Minnesota 66.08 17 13 8
10 New Jersey 66.06 14 11 15
11 Ohio 65.98 38 6 26
12 Washington 65.40 22 14 12
13 Maryland 65.06 9 19 13
14 Wisconsin 64.53 7 30 5
15 Michigan 64.38 11 21 16
16 Missouri 64.12 43 4 43
17 Arizona 64.04 6 26 17
18 North Dakota 63.89 12 15 29
19 Massachusetts 63.62 13 22 21
20 Vermont 63.06 37 27 7
21 Illinois 62.84 33 16 30
22 Alabama 62.45 16 12 47
23 Texas 62.33 47 8 42
24 New York 62.22 3 36 20
25 Kansas 61.84 27 34 14
26 Montana 61.73 18 45 2
27 Georgia 61.64 24 23 35
28 Delaware 61.33 36 29 24
29 Pennsylvania 61.32 25 32 23
30 Rhode Island 61.19 15 31 32
31 Oregon 61.17 29 17 45
32 Indiana 61.04 35 24 36
33 Idaho 59.94 31 28 41
34 Kentucky 59.87 45 9 50
35 California 59.60 2 43 34
36 Hawaii 59.46 8 47 25
37 Wyoming 59.41 32 48 4
38 Florida 59.21 21 35 40
39 South Carolina 58.81 34 39 31
40 Nevada 58.08 30 37 44
41 Tennessee 58.01 44 20 49
42 District of Columbia 57.43 26 49 18
43 New Mexico 57.41 46 46 19
44 Connecticut 57.35 19 38 48
45 West Virginia 56.97 49 42 27
46 Mississippi 56.95 51 33 33
47 Alaska 56.10 40 51 10
48 Oklahoma 56.02 50 40 38
49 South Dakota 55.29 39 50 22
50 Louisiana 54.21 48 44 46
51 Arkansas 54.16 42 41 51

Note: With the exception of “Total Score,” all of the columns in the table above depict the relative rank of that state, where a rank of 1 represents the best conditions for that metric category.

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

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