WalletHub puts Maine at seventh best in financial literacy
Courtesy / WalletHub
When it comes to financial literacy, Maine is No. 7 in the country, according to a WalletHub survey of 50 states and the District of Columbia released this week.
When it comes to financial literacy, Maine is No. 7 in the country, according to a WalletHub survey of 50 states and the District of Columbia released this week.
Financial literacy is broadly defined as the ability to understand how money works.
WalletHub based its rankings on an analysis of financial-education programs and consumer habits, combined with the results of its proprietary Wallet Literacy Survey that asks respondents things like when interest charges on credit card bills kick in, and to categorize different types of investments (bonds, stocks, mutual funds, etc.) from the least to most risky.
New Hampshire was ranked No.1 by WalletHub, while Louisiana was No. 51.
At No. 7, Maine was sandwiched between New Jersey (No. 6) and Colorado (No. 8).
But the Pine Tree State outshone all others in terms of financial knowledge and education, which looks at based on high-school financial literacy, the public high-school graduation rate, the share of adults who attended financial-education classes or counseling sessions within the past 12 months, and the share of adults with at least a bachelor’s degree.
WalletHub notes in its survey introduction that even after the lessons of the recession that sparked a housing crisis and financial-market collapse, gaps in financial literacy remain, as reflected in $92.2 billion in new-credit-card debt at the end of 2017.
“That’s unsurprising,” concludes the personal-finance website, “considering that only two in five adults actually have a budget.”
It embarked on the survey to find states with the best financial literacy.
In Maine, financial literacy resources for adults are listed on the website of the Maine Credit Union League, the trade organization for the state’s 56 credit unions.
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