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South Dakota ranks among lowest in WalletHub report on financial literacy


WASHINGTON, D.C. – With April being National Financial Literacy Month and less than half of adults setting a budget, the free credit score website WalletHub today released its report on 2022’s Most & Least Financially Literate States.

The study uses a data set of 17 key metrics, including the results of WalletHub’s Wallet Literacy Survey, which range from high-school financial literacy grade to share of adults with a rainy-day fund.

The report includes accompanying videos and expert commentary, which analyzes financial-education programs and consumer habits in each of the 50 states and the District of Columbia.

 Most Financially Literate States
1. Nebraska
2. Utah
3. Virginia
4. Colorado
5. New Hampshire
6. North Carolina
7. Maine
8. Iowa
9. Minnesota
10. New Jersey

Least Financially Literate States
42. District of Columbia
43  New Mexico
44. Connecticut
45. Mississippi
46. Alaska
47. Oklahoma
48. South Dakota
49. Louisiana
50. Arkansas

Key Stats:
Wisconsin has the lowest share of residents who spend more than they earn, 14.03 percent, which is 1.9 times lower than in Alaska, the state with the highest at 26.71 percent.

New York has the lowest share of residents paying only the minimum on their credit card(s), 27.57 percent, which is 1.7 times lower than in Mississippi, the state with the highest at 46.32 percent.

Colorado has the highest share of residents who attended financial-education classes or counseling sessions in past 12 months, 7.50 percent, which is 3.8 times higher than in West Virginia, the state with the lowest at 2.00 percent.

New Hampshire has the lowest share of unbanked households, 0.50 percent, which is 25.6 times lower than in Mississippi, the state with the highest at 12.80 percent.

See the full report here. 37

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