Survey: North Carolina is 2023’s 9th most financially literate state

With April being National Financial Literacy Month and less than half of adults setting a budget, the free credit score website WalletHub released its report on 2023’s Most & Least Financially Literate States, which analyzes financial-education programs and consumer habits in each of the 50 states and the District of Columbia, along with expert commentary.

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After the Great Recession, it became clear that more people needed to learn financial literacy. The housing-market collapse and following financial crisis reminded Americans of our obsession with debt and the dangers of quick access to finances for under-informed consumers. The importance for people to be smart about their finances became even more pronounced during the COVID-19 pandemic, and remains crucial in the present during this period of high inflation.

But how much have we learned from past mistakes, and what are we doing to help future generations avoid repeating them?

Not enough, it would seem. We ended 2022 with over $1 trillion in total credit-card debt. Our mountain of debt is unsurprising, considering that less than half of adults actually have a budget. It’s clear that better financial education is necessary to try to turn this trend around. The problems aren’t as pronounced in every state, though. Some states are more responsible than others.

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

Financial Literacy in North Carolina (1=Most Financially Literate, 25=Avg.):

  • 14th – % of Adults Aged 18+ Who Spend More than They Earn
  • 20th – % of Unbanked Households
  • 30th – % of Adults Aged 18+ Who Compare Credit Cards Before Applying
  • 1st – High-School Financial Literacy Grade
  • 22nd – Public High-School Graduation Rate

Most Financially Literate States

Overall RankStateTotal ScoreWalletLiteracyFinancial Planning & HabitsFinancial Knowledge & Education
1Nebraska69.063037
2Utah68.5411232
3Virginia68.4112136
4Colorado68.40288
5Minnesota67.8611010
6Iowa67.1232612
7Washington66.6831113
8Maine65.6424151
9North Carolina65.4437434
10Ohio65.1342527
11Wisconsin64.694246
12Maryland64.28142011
13Vermont63.8423235
14Massachusetts63.5771925
15New Hampshire63.219353
16New Jersey63.01252115
17Illinois62.58281428
18Delaware62.15102229
19North Dakota61.53162526
20Missouri61.3244743
21Pennsylvania61.28212722
22Oregon61.06191246
23Kansas61.05352814
24Texas60.84361342
25Michigan60.52263120
26Indiana60.52401635
27Montana60.3738422
28Rhode Island60.33182930
29Hawaii60.1764121
30Alabama59.9641947
31Florida59.62153041
32Wyoming59.6129474
33Arizona59.43333718
34New York58.75174423
35Idaho58.69203438
36California58.4454339
37District of Columbia58.21134819
38Tennessee58.13391748
39Georgia57.40433237
40Alaska57.2622519
41Connecticut57.0983349
42Nevada57.03313644
43West Virginia56.90473824
44South Dakota56.45275017
45South Carolina55.85344631
46Kentucky55.73461851
47Mississippi55.56512633
48Oklahoma54.24504040
49New Mexico54.13494916
50Louisiana53.18483945
51Arkansas51.00454550

Note: With the exception of “Total Score,” all of the columns in the table above depict the relative rank of that state, where a rank of 1 represents the best conditions for that metric category.