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Georgia is the Nation’s 10th Least Financially-Savvy State

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?

Georgia ranked:

*     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

Photo: WalletHub

Jessica Szilagyi is a former Statewide Contributor for AllOnGeorgia.com.

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