“North Dakota is the most money-savvy state while Mississippi is the least, according to GOBankingRates’ newest study evaluating financial smarts and resource availability of residents in each state. The leading personal finance website investigated all 50 states and the District of Columbia, ranking each on important factors of financial health: residents’ use of banking services, their saving and investing behaviors, and the availability of statewide financial education policies. To learn more about each state’s money savvy ranking, visit: http://www.gobankingrates.com/retirement/survey-10-money-savvy-states/
Key findings of the study include:
• Banking Services: Utah, Wisconsin and Montana performed best in this category, with households in these states more likely to have a checking and savings account and less likely to use alternative financial services.
• Saving and Investing: No. 1 most money-savvy state North Dakota ranked best in this category, with California and New York also scoring in the top ten.
• Financial Literacy: Texas and Georgia both tied for best in the financial education category, while Massachusetts, Connecticut, Arkansas and Kansas tied for worst with unfavorable statewide financial education policies.”