MINNEAPOLIS (FOX 9) - Minnesota is the most financially literate state, according to a new ranking from WalletHub.
Why did Minnesota finish so well?
Dig deeper:
On its surface, the survey seems fairly suspect. How did Minnesota finish number one while some of the states that house the nation's largest financial hubs in the United States (like New York, California, and Illinois) finish in the lower half?
The survey says it used three different dimensions to build the rankings, including: financial planning and habits for state residents, financial education, and a financial literacy test put out by WalletHub.
The backstory:
For Minnesota, the survey points to financial education that is "baked" into the state's K-12 curriculum. Minnesota also has the lowest percentage of adults who spend more money than they make, the survey adds. Additionally, Minnesotans have the highest median credit score in the country, WalletHub points out.
Full rankings
Big picture view:
The Midwest performed pretty well in the rankings, with Minnesota, Nebraska (#3), Wisconsin (#5), and Iowa (#7) all in the top ten.
By the numbers:
- Minnesota
- Colorado
- Nebraska
- Virginia
- Wisconsin
- New Hampshire
- Iowa
- Washington
- Vermont
- New Jersey
- Maryland
- Florida
- Utah
- Pennsylvania
- Maine
- Michigan
- Oregon
- North Carolina
- Ohio
- Indiana
- Missouri
- Arizona
- Massachusetts
- Kansas
- Connecticut
- Delaware
- North Dakota
- West Virginia
- Texas
- Idaho
- Rhode Island
- Illinois
- Georgia
- Wyoming
- New York
- Nevada
- South Carolina
- Montana
- New Mexico
- Alabama
- Hawaii
- District of Columbia
- California
- Alaska
- Louisiana
- Mississippi
- Tennessee
- Kentucky
- South Dakota
- Oklahoma
- Arkansas
The Source: This article pulled information from a news release from WalletHub on their ranking.