With April being National Financial Literacy Month and WalletLiteracy Scores varying by 29% across the states, the personal-finance website WalletHub today released its report on the Most & Least Financially Literate States in 2024, 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, which range from high-school financial literacy grades to the share of adults with a rainy-day fund. The metrics also include the results of WalletHub’s WalletLiteracy Test.
| Most Financially Literate States | Least Financially Literate States | |
| 1. Minnesota | 42. District of Columbia | |
| 2. Nebraska | 43. California | |
| 3. Virginia | 44. Louisiana | |
| 4. Colorado | 45. Mississippi | |
| 5. New Hampshire | 46. Tennessee | |
| 6. New Jersey | 47. Alaska | |
| 7. Utah | 48. Kentucky | |
| 8. Iowa | 49. South Dakota | |
| 9. Wisconsin | 50. Oklahoma | |
| 10. Washington | 51. Arkansas |
Key Stats
- Minnesota has the lowest share of residents who spend more than they earn, which is 1.5 times lower than in Mississippi, the state with the highest.
- Hawaii has the lowest share of residents paying only the minimum on their credit card(s), which is 1.7 times lower than in Mississippi, the state with the highest.
- Colorado has the highest share of residents who attended financial-education classes or counseling sessions in past 12 months, which is 3.8 times higher than in West Virginia, the state with the lowest.
- Utah has the lowest share of unbanked households, which is 9.3 times lower than in Mississippi, the state with the highest.
