With October being National Financial Planning Month and about 45 percent of U.S. adults grading their knowledge of personal finance a “C” or worse, you might want to check out this report on 2018’s Most & Least Financially Savvy States to see where you stand.

Some financial experts believe financial literacy is the key to sound financial health. But financial savvy is what separates the comfortable from the very stable, according to the website WalletHub.com, who performed the study.

The report also states that unfortunately, a staggering lack of money intelligence plagues Americans, according to a study on financial literacy conducted by the National Foundation for Credit Counseling. Additionally, three out of five admit they do not follow or keep a budget, a lifelong skill that every adult should master beginning when they are in high school.

Smart and savvy

As this report reflects, however, residents of certain states are smarter than others when it comes to balancing their household budgets. To determine where American consumers set the best example, WalletHub compared the 50 states and the District of Columbia across 24 key metrics that represent financial savvy — or those lacking, it said.  The data set ranges from median credit score to annual savings-account average to credit-card debt as a share of income.

For example, if you happen to live in the Golden State, these are the Financial Savvy numbers in California (1=Most; 25=Avg.):

  • 19th – Median Credit Score
  • 50th – Mortgage Debt as % of Median Income
  • 34th – Foreclosure Rate
  • 33rd – % of Credit Usage
  • 3rd – Housing Expenses as % of Median Home Price
  • 29th – % of Unbanked Households
  • 21st – Delinquency Rate on Mortgages, Auto Loans, Student Loans & Credit Cards
  • 24th – % of Adults Spending More than They Earn
  • 5th – % of Adults with Rainy-Day Funds
  • 6th – Total Debt as % of Median Income

    Other fun stats

  • Other interesting stats include: Minnesota being first for having the highest median credit score, followed by North and South Dakota (tied), Hawaii and Nebraska. On the flip side, the states with the lowest median credit scores include: South Carolina at No. 48, Louisiana Nevada, tied at No. 47, Alabama at No. 50 and Mississippi coming in last at No. 51.
  • The states reporting the lowest foreclosure rates are: North Dakota, South Dakota, and Montana. The states with the highest foreclosure rate: Illinois, Florida and Maryland.
  • States reporting the lowest percentage of credit card usage include Ohio, New Mexico, Wyoming and Colorado. However, those states that like to use plastic and have the highest percentage of credit card usage are: Tennessee, Nebraska, Connecticut, Alabama and Illinois.

    If you’re curious as to your own state’s numbers, you can review the grid below for the most financially savvy states below:

Overall Rank* State Total Score ‘Debt & Spending’ Rank ‘Financial Literacy’ Rank ‘Credit’ Rank ‘Saving’ Rank
1 Massachusetts 71.93 1 5 7 17
2 New Hampshire 71.79 3 1 8 1
3 North Dakota 67.60 11 21 2 6
4 Minnesota 67.58 5 14 4 12
5 Connecticut 65.70 7 15 19 10
6 Washington 64.85 13 9 9 14
7 Wyoming 64.21 8 25 12 24
8 Utah 64.17 15 7 18 9
9 Rhode Island 63.78 6 40 25 7
10 Wisconsin 63.57 12 8 17 20
11 New Jersey 63.55 10 35 29 5
12 District of Columbia 63.41 2 2 34 35
13 Nebraska 63.11 20 10 1 34
14 Maryland 62.73 14 11 20 15
15 California 62.64 9 18 47 2
16 Iowa 62.39 21 28 6 21
17 Maine 62.39 22 3 14 22
18 New York 62.29 4 37 48 3
19 Colorado 61.56 24 4 31 4
20 Hawaii 61.28 23 44 5 11
21 Vermont 60.50 19 34 11 29
22 Michigan 60.25 16 26 24 27
23 Pennsylvania 59.85 18 23 30 18
24 Virginia 58.85 27 17 36 8
25 Ohio 58.72 17 30 21 32
26 Idaho 58.61 38 27 3 16
27 Kansas 58.20 25 13 16 31
28 South Dakota 57.67 29 39 15 19
29 Alaska 57.66 31 38 10 23
30 Montana 57.37 26 12 13 40
31 Oregon 57.16 32 6 26 25
32 Illinois 55.77 28 24 35 28
33 Texas 54.36 30 31 32 33
34 Indiana 53.48 36 16 40 30
35 North Carolina 53.41 39 19 23 39
36 Nevada 52.53 35 36 43 26
37 Delaware 51.69 37 29 39 38
38 Kentucky 51.22 34 46 22 44
39 Arizona 50.57 40 22 42 41
40 Florida 50.46 43 20 49 13
41 South Carolina 48.60 42 33 44 42
42 Georgia 48.28 47 32 46 36
43 Alabama 48.09 45 49 33 43
44 Tennessee 47.75 46 45 28 45
45 Louisiana 47.29 33 50 37 50
46 Missouri 46.79 49 47 27 46
47 Oklahoma 45.37 44 43 41 47
48 New Mexico 45.17 41 41 45 48
49 West Virginia 44.19 48 48 38 49
50 Arkansas 43.45 50 42 51 37
51 Mississippi 35.26 51 51 50 51

*No. 1 = Most Financially Savvy

For the full report, click here.