MINNEAPOLIS — Editor's note: The video above first aired on Dec. 21, 2021.
Minnesotans may not rank high in some categories - say the number of days we wear shorts - but when it comes to being smart about money, residents of the north country stack up pretty darn well.
New research by the personal finance website WalletHub ranks Minnesota 9th among the 50 states and District of Columbia when it comes to financial literacy. The ranking is based on data from three key dimensions in 17 key metrics, ranging from high-school financial literacy grades and sustainable spending habits to share of adults who tuck away cash in rainy-day funds and households that don't use banking services.
WalletHub analyzed financial-education programs and consumer habits in each state, along with results of WalletHub’s proprietary WalletLiteracy Survey.
Here is how the state finished in key categories:
Financial Literacy in Minnesota (1=Most Financially Literate, 25=Avg.):
- 8th – WalletHub’s "WalletLiteracy Survey" Score
- 5th – % of Adults Aged 18+ with Rainy-Day Funds
- 6th – % of Unbanked Households
- 10th – % of Adults Aged 18+ Paying Only Minimum on Credit Card(s)
- 1st – Median Credit Score
WalletHub ranks Nebraska as the most financially literate state in the U.S., with Utah, Virginia, Colorado and New Hampshire rounding out the top five. Arkansas is ranked the least financially-literate state with Louisiana, South Dakota, Oklahoma and Alaska joining at the bottom of the heap.
Other midwestern states finishing high in the survey are Iowa at eighth, Wisconsin at 14 and North Dakota at 18.
Wallet Hub says the importance of understanding money and personal finance is underlined by lessons from 2021. The U.S. ended the year with close to $1 trillion in credit-card debt, and a recent Harris Poll suggests less than half of Americans actually have a so-called "budget."
The COVID pandemic impacted the wallets of many families, with layoffs and huge shifts in the job market.
For more on the financial literacy survey and answers from experts on how to improve your money situation, log on to the WalletHub website.
Watch stories from Breaking The News:
Watch all of the latest stories from Breaking The News in our YouTube playlist: