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June 24, 2018

WalletHub: Rhode Island Is 2017’s 9th Financially Savviest State


With October being National Financial Planning Month and about two in five U.S. adults grading their knowledge of personal finance a “C” or worse, the personal-finance website WalletHub conducted an in-depth analysis of 2017’s Most & Least Financially Savvy States.

In order to determine where Americans practice the best money habits, WalletHub’s analysts compared the 50 states and the District of Columbia across 23 key metrics that speak to their residents’ financial savvy or the lack thereof. The dataset ranges from annual savings-account average to personal-bankruptcy rate to credit-card debt as a share of income.

Financial Savvy in Rhode Island (1=Most; 25=Avg.)

  • 24th – Median Credit Score
  • 19th – Mortgage Debt as % of Median Income
  • 10th – % of Credit Usage
  • 18th – Housing Expenses as % of Median Home Price
  • 22nd – % of Unbanked Households
  • 23rd – Delinquency Rate on Mortgages, Auto Loans, Student Loans & Credit Cards
  • 27th – % of Adults Spending More than They Earn
  • 16th – % of Adults with Rainy-Day Funds
  • 7th – Total Debt as % of Median Income

 

For the full report, visit https://wallethub.com/edu/most-and-least-financially-savvy-states/20496/