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