NEW ORLEANS — With October being National Financial Planning Month and about 45 percent of U.S. adults grading their knowledge of personal finance a “C” or worse, the personal-finance website WalletHub released its report on 2018's Most & Least Financially Savvy States as well as accompanying videos. In this report, Louisiana ranked 2018’s 7th "Least Financially Savvy State."
In order to determine where Americans practice the best money habits, WalletHub compared the 50 states and the District of Columbia across 24 key metrics that speak to their residents’ financial savvy or the lack thereof. The data set ranges from annual savings-account average to personal-bankruptcy rate to credit-card debt as a share of income.
Financial Savvy in Louisiana (1=Most; 25=Avg.)
48th – Median Credit Score
21st – Mortgage Debt as Percent of Median Income
26th – Foreclosure Rate
27th – Housing Expenses as Percent of Median Home Price
51st – Percent of Unbanked Households
47th – Delinquency Rate on Mortgages, Auto Loans, Student Loans & Credit Cards
26th – Percent of Adults Spending More than They Earn
42nd – Percent of Adults with Rainy-Day Funds
20th – Total Debt as Percent of Median Income
Read the complete report here.
– by Alexa Renée Harrison, associate news editor
