How Financially Savvy is Wyoming?
April is financial literacy month.
According to the latest Wallethub study, Wyoming ranks 18th in the U.S. for financial savviness. Being financially savvy not only helps individual households, but collectively as a state it helps achieve economic health and prosperity.
We don't seem to be doing too bad in our home state. What was the outcome of the other states in the study?
Here's a glimpse of some of the findings.
Comparing the States
- Hawaii has the highest total debt as a percentage of median income, 286.51 percent, which is two times higher than in Mississippi, the state with the lowest, 127.61 percent.
- New Jersey has the highest foreclosure rate, 4.30 percent, which is 14 times higher than in Alaska, the state with the lowest, 0.30 percent.
- Michigan has the highest housing expenses as a percentage of median home price, 5.02 percent, which is three times higher than in Hawaii, the state with the lowest, 1.76 percent.
- Hawaii and Nevada have the highest percentage of the population spending more than they make, 23 percent, which is two times higher than in Maryland, the state with the lowest, 14 percent.
- District of Columbia has the highest auto delinquency rate, 5.5 percent, which is four times higher than in North Dakota, the state with the lowest, 1.5 percent.
- New Jersey has the highest mortgage delinquency rate, 5.4 percent, which is nine times higher than in North Dakota, the state with the lowest, 0.6 percent.
- Arizona has the highest percentage of residents with rainy day funds, 53 percent, which is two times higher than in Indiana, Mississippi and New Mexico, the states with the lowest, 33 percent.
- Mississippi has the highest percentage of unbanked households, 14.5 percent, which is eight times higher than in Alaska, the state with the lowest, 1.9 percent.