10 states where people are the smartest when it comes to money
Seventy-eight percent of Virginians live within their means and 40% have an emergency fund. These numbers, combined with the fact that high school students have to study economics and pass a test on the subject, make it the fifth most economical state.
About 82% of Minnesota residents are fully banked, and only 15% rely on alternative financial services (like prepaid debit cards or payday loans) to get by. The state also had the lowest percentage of people with past due debts – 24%.
Utah residents have average savings and investment rates, but they are less likely than other Americans to use alternative financial services and more likely to have a savings account.
2. New Hampshire
Eighty-one percent of New Hampshire residents live within their means and 84% participate in a workplace pension plan. High school students are also required to take both a personal finance course and an economics course, a move that appears to be paying off in terms of making residents of the state more money savvy.
1. North Dakota
North Dakota has blown up other states when it comes to financial common sense measures. The state has some of the strictest personal finance and economic requirements in the country, and it also has low bankruptcy and debt default rates. Residents are well prepared for financial emergencies and are less likely than residents of other states to turn to alternative financial services like check cashing, pawn shops, and auto title lending.
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