Study : New Jersey Ranks 5th in Financially Literacy

the staff of the Ridgewood blog

Ridgewood NJ, you would never know it by what goes on in the state capitol but with April being National Financial Literacy Month and financial responsibility especially important during the COVID-19 pandemic, the free credit score website WalletHub today released its report on 2021’s Most & Least Financially Literate States, as well as accompanying videos, which analyzes financial-education programs and consumer habits in each of the 50 states and the District of Columbia. Hard to believe but New Jersey ranked  5th over all .

The study uses a data set of 17 key metrics, including the results of WalletHub’s WalletLiteracy Survey, which range from high-school financial literacy grade to share of adults with a rainy-day fund.

Financial Literacy in New Jersey (1=Most Financially Literate, 25=Avg.):

• 9^th – WalletHub’s ‘WalletLiteracy Survey’ Score
• 20^th – % of Adults Aged 18+ Who Spend More than They Earn
• 18^th – % of Adults Aged 18+ with Rainy-Day Funds
• 18^th – % of Unbanked Households
• 14^th – % of Adults Aged 18+ Paying Only Minimum on Credit Card(s)
• 29^th – % of Adults Aged 18+ Who Compare Credit Cards Before Applying
• 17^th – High-School Financial Literacy Grade

For the full report, please visit:
https://wallethub.com/edu/most-and-least-financially-literate-states/3337