North Carolina Is 2023’s 9th Most Financially Literate State

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Charlotte Stories
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With April being National Financial Literacy Month and less than half of adults setting a budget, WalletHub today released its report on 2023’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, along with expert commentary.

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

The Tar Heel State was ranked as the 9th best state in the nation, with our southern neighbor ranking as one of the worst in the nation at #45.

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

  • 14th – % of Adults Aged 18+ Who Spend More than They Earn
  • 20th – % of Unbanked Households
  • 30th – % of Adults Aged 18+ Who Compare Credit Cards Before Applying
  • 1st – High-School Financial Literacy Grade
  • 22nd – Public High-School Graduation Rate

Most Financially Literate States

Overall Rank  State Total Score  WalletLiteracy  Financial Planning & Habits  Financial Knowledge & Education 
1 Nebraska 69.06 30 3 7
2 Utah 68.54 11 2 32
3 Virginia 68.41 12 1 36
4 Colorado 68.40 2 8 8
5 Minnesota 67.86 1 10 10
6 Iowa 67.12 32 6 12
7 Washington 66.68 3 11 13
8 Maine 65.64 24 15 1
9 North Carolina 65.44 37 4 34
10 Ohio 65.13 42 5 27
11 Wisconsin 64.69 4 24 6
12 Maryland 64.28 14 20 11
13 Vermont 63.84 23 23 5
14 Massachusetts 63.57 7 19 25
15 New Hampshire 63.21 9 35 3
16 New Jersey 63.01 25 21 15
17 Illinois 62.58 28 14 28
18 Delaware 62.15 10 22 29
19 North Dakota 61.53 16 25 26
20 Missouri 61.32 44 7 43
21 Pennsylvania 61.28 21 27 22
22 Oregon 61.06 19 12 46
23 Kansas 61.05 35 28 14
24 Texas 60.84 36 13 42
25 Michigan 60.52 26 31 20
26 Indiana 60.52 40 16 35
27 Montana 60.37 38 42 2
28 Rhode Island 60.33 18 29 30
29 Hawaii 60.17 6 41 21
30 Alabama 59.96 41 9 47
31 Florida 59.62 15 30 41
32 Wyoming 59.61 29 47 4
33 Arizona 59.43 33 37 18
34 New York 58.75 17 44 23
35 Idaho 58.69 20 34 38
36 California 58.44 5 43 39
37 District of Columbia 58.21 13 48 19
38 Tennessee 58.13 39 17 48
39 Georgia 57.40 43 32 37
40 Alaska 57.26 22 51 9
41 Connecticut 57.09 8 33 49
42 Nevada 57.03 31 36 44
43 West Virginia 56.90 47 38 24
44 South Dakota 56.45 27 50 17
45 South Carolina 55.85 34 46 31
46 Kentucky 55.73 46 18 51
47 Mississippi 55.56 51 26 33
48 Oklahoma 54.24 50 40 40
49 New Mexico 54.13 49 49 16
50 Louisiana 53.18 48 39 45
51 Arkansas 51.00 45 45 50

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.

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