9/10/2023 0 Comments Download financially literateThe number of states requiring that personal finance be included in their standards has grown substantially over the past two decades. All of these except Tennessee rank in the bottom 20 states on our financial knowledge & education index.įinancial Education and Literacy in the U.S. At the other end of the study, Southern states rank in the bottom 10: West Virginia, Louisiana, Georgia, Texas, Tennessee and Delaware. All of them rank in the top 10 states for our financial knowledge & education index. More than half of the 10 most financially literate states are in the Midwest: North Dakota, Minnesota, Nebraska, South Dakota, Kansas and Wisconsin. Midwestern states perform well while Southern states fall behind.On average, adults surveyed were able to answer only half of the literacy questions correctly. However, when tested on personal finance topics, respondents struggle. The Financial Industry Regulatory Authority (FINRA) Foundation said in a recent national financial capability survey that roughly 71% of American adults believe they have a high level of financial literacy. A mismatch exists between perceived and tested financial literacy. For details on our data sources and how we put all the information together to create our findings, check out the Data and Methodology section below. Using data from the Financial Industry Regulatory Authority (FINRA) Foundation, the Council for Economic Education and Experian, we then identify the states where residents are most and least financially literate. In this study, we discuss the growing number of states with financial education standards along with how adults fare when asked a series of economics and personal finance quiz questions. In light of Financial Literacy Month this April, SmartAsset took a closer look at financial literacy in the U.S.
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