October is National Financial Planning Month which has financial analysts around the country configuring numbers to see where each state falls when it comes to financial savvy practices.
WalletHub, a financial analysis website, recently released their list for 2018’s Most & Least Financially Savvy states in which Georgia came in as 10th worst.
WalletHub reports that about 45 percent of U.S. adults grade their own knowledge of personal finance as a “C” or worse. The company compared all 50 states and D.C. using 24 indicators, including annual savings-account average to personal-bankruptcy rate to credit-card debt as a share of income.
Massachussetts, New Hampshire, and North Dakota topped the list while Mississippi and Arkansas came in last and second-to-last, respectively.
So what led Georgia to have such a poor ranking?
* 46th – Median Credit Score
* 27th – Mortgage Debt as % of Median Income
* 33rd – Foreclosure Rate
* 35th – Housing Expenses as % of Median Home Price
* 48th – % of Unbanked Households
* 38th – Delinquency Rate on Mortgages, Auto Loans, Student Loans & Credit Cards
* 34th – % of Adults Spending More than They Earn
* 22nd – % of Adults with Rainy-Day Funds
* 31st – Total Debt as % of Median Income