WalletHub: R.I. 39th in financial literacy

Rhode Island ranked 39th in terms of financial literacy, the lowest among the New England states, according to the latest survey by WalletHub, which rated the states and the District of Columbia on financial education programs and consumer habits. / COURTESY WALLETHUB
Rhode Island ranked 39th in terms of financial literacy, the lowest among the New England states, according to the latest survey by WalletHub, which rated the states and the District of Columbia on financial education programs and consumer habits. / COURTESY WALLETHUB

PROVIDENCE – Rhode Island ranked 39th in terms of financial literacy, the lowest among the New England states, according to the latest survey by WalletHub, which rated the states and the District of Columbia on financial-education programs and consumer habits.
Rhode Island has “weak education and weak financial literacy,” according to WalletHub. The Ocean State was among the top five states with the least sustainable spending habits, tying with Vermont.
The personal finance website looked at the percentage of residents with a rainy day fund, as well as the percentage who spend more than they make, the percentage who pay only the minimum on their credit cards, the high school dropout rate and percentage with a bachelor’s degree or higher – to find which areas of the country are the most financially literate, and which are not.
“We’ve collectively racked up roughly $133 billion in new credit card debt since the beginning of 2012, unsurprising given that only two in five adults actually have a budget. Ultimately, there’s really no shortage of statistics that one can quote to illustrate our money management shortcomings – from the 20 percent of Americans who spend more than they make to the 60 percent of folks who don’t have a rainy day fund,” WalletHub said.
New Hampshire ranked No. 1 for having the best financial literacy. Utah, Massachusetts, Maryland and New Jersey rounded out the top five.
Maine was 14th, Vermont was 25th and Connecticut was 29th.
Mississippi was last on the list.

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