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Luckily, Connecticut happens to rank high when it comes to residents with money savvy, earning fourth place in the country according to an in-depth analysis by WalletHub of 2016's Most & Leasts Financially Savvy States.
The highest ranking state in the analysis was Minnesota and the lowest was Missouri. New York came in fifth place; New Jersey landed in eighth place; Massachusetts was sixth, and Rhode Island was 21st.
The website undertook the analysis because April is Financial Literacy Month. To identify which states had the most financially smart residents, WalletHub’s analysts compared the 50 states and the District of Columbia across 20 key metrics that represent financial savvy.
Their data set ranged from annual savings account averages to personal bankruptcy rates to credit card debt as a percentage of income.
Here's how the numbers shook out for Connecticut with 1=Most; 25=Avg.:
- 11th – Average Credit Score
- 16th – Credit Usage (percentage)
- 16th – Housing Expenses as a percentage of Median Home Price
- 17th – Percentage of Unbanked Households
- 22nd – Delinquency Rate on Mortgages, Auto Loans, Student Loans & Credit Cards
- 8th – Percent of the Population with Rainy-Day Funds
- 3rd – Student-Loan Debt as a Percentage of Income
- 4th – Car-Loan Debt as a Percentage of Income
For the full report, click here.
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