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*StateTotal Score‘Debt & Spending’ Rank‘Financial Literacy’ Rank‘Credit’ Rank‘Saving’ Rank
1Massachusetts71.9315717
2New Hampshire71.793181
3North Dakota67.60112126
4Minnesota67.58514412
5Connecticut65.707151910
6Washington64.85139914
7Wyoming64.218251224
8Utah64.17157189
9Rhode Island63.78640257
10Wisconsin63.571281720
11New Jersey63.551035295
12District of Columbia63.41223435
13Nebraska63.112010134
14Maryland62.7314112015
15California62.64918472
16Iowa62.392128621
17Maine62.392231422
18New York62.29437483
19Colorado61.56244314
20Hawaii61.282344511
21Vermont60.5019341129
22Michigan60.2516262427
23Pennsylvania59.8518233018
24Virginia58.852717368
25Ohio58.7217302132
26Idaho58.613827316
27Kansas58.2025131631
28South Dakota57.6729391519
29Alaska57.6631381023
30Montana57.3726121340
31Oregon57.163262625
32Illinois55.7728243528
33Texas54.3630313233
34Indiana53.4836164030
35North Carolina53.4139192339
36Nevada52.5335364326
37Delaware51.6937293938
38Kentucky51.2234462244
39Arizona50.5740224241
40Florida50.4643204913
41South Carolina48.6042334442
42Georgia48.2847324636
43Alabama48.0945493343
44Tennessee47.7546452845
45Louisiana47.2933503750
46Missouri46.7949472746
47Oklahoma45.3744434147
48New Mexico45.1741414548
49West Virginia44.1948483849
50Arkansas43.4550425137
51Mississippi35.2651515051

*No. 1 = Most Financially Savvy

For the full report, click here.