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Report: New York ranks 18th in financial literacy

Rochester Business Journal
April 28, 2014

New Yorkers are fairly well-versed when it comes to their finances, a new report from WalletHub shows.

The report, The Most & Least Financially Literate States in America, ranks New York 18th among the 50 states and District of Columbia for its financial education programs and consumer habits.

New Hampshire ranked first overall, while Mississippi ranked last. Among the findings, some 49 percent of New Yorkers have a “rainy day” fund, ranking the state second behind Arizona.

The report also looked at high school dropout rates and bank accounts in households. The lowest dropout rate was found in Indiana, New Jersey and Minnesota, while New Hampshire reported the least unbanked households, or homes with no bank accounts.

Financial literacy comes down to familiarity with key themes and concepts, the ability to think critically, good judgment and self-restraint, the report’s authors say.

WalletHub—a social website launched by Evolution Finance that offers financial tools and information for consumers and small-business owners—used 12 metrics falling under the categories of knowledge and education and planning and daily habits to analyze the resources that are being put toward financial education in each state as well as behavioral characteristics that are indicative of how well those programs are working.

The full report can be found here.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


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