New York Ranks Among Most Financially Savvy States In Survey

New York ranked among the top in several categories on the website WalletHub's analysis of 2016's Most and Least Financially Savvy States.

New York state did well in financial literacy.
Photo Credit: *Contributed*

Jason Bisnoff

04/14/2016 5:30 p.m.

The survey was done in April, Financial Literacy Month, at a time when more than 40 percent of U.S. adults rating their knowledge of personal finance a “C” or lower,

In order to identify where Americans practice the best money habits, WalletHub’s analysts compared the 50 states and the District of Columbia across 20 key metrics that speak to financial savvy or the lack thereof. Their data set ranges from annual savings-account average to personal-bankruptcy rate to credit-card debt as a percentage of income.

Financial Savvy in New York rankings were as follows (1=Most; 25=Avg.):

14th – Average Credit Score
First – Credit Usage
Fifth – Housing Expenses as a percentage of Median Home Price
19th – Percentage of the Population Spending More than They Earn
Second – Percentage of the Population with Rainy-Day Funds
15th – Total Debt as percentage of Median Income
Sixth – Car-Loan Debt as a Percentage of Income
Eighth – Percentage of the Population Paying Only the Minimum on Their Credit Cards
10th – WalletHub Financial Literacy Score

For the full report, click here for the WalletHub website.

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