South Dakota Rated One Of ‘Least Financially Literate’ States
Nebraska, Minnesota, and Iowa, pummeled South Dakota in this recent study showing how good residents are at handling their personal money and finances.
Even after the Great Recession, it appears that South Dakotans didn't learn much about handling money any better. While our Nebraska neighbors topped this recent money list, South Dakota hit almost rock bottom.
Wallethub did a recent study to figure out which states residents were good with money and personal finance.
They pointed out that the “importance for people to be smart about their finances has become even more pronounced during the COVID-19 pandemic, which has impacted many Americans' wallets and caused huge shifts in the job market.”
Wallethub came up with 2022's Most & Least Financially Literate States which pointed out that South Dakota residents tend to spend more than they earn.
Some of the things they looked at in this study included:
- residents who spend more than they earn
- share of residents paying only the minimum on their credit cards
- residents who attended financial-education classes or counseling sessions
- unbanked households (meaning that no one in the household had a checking or savings account at a bank or credit union).
The Top 10 Most Financially Literate States were …
5. New Hampshire
6. North Carolina
Bringing up the bottom of the list as The Least Financially Literate States were …
42. District of Columbia
43. New Mexico
45. West Virginia
49. South Dakota