To identify the states with the best financial literacy, the financial company analyzed financial-education programs and consumer habits in each of the 50 states and the District of Columbia, along with the results of WalletHub’s proprietary WalletLiteracy Survey.
WalletHub evaluated each state and the District of Columbia using a data set of 17 key metrics ranging from high-school financial literacy grades to the share of adults with rainy-day funds.
Connecticut ranked No. 27 on the list, earning a total score of 61.98. The Nutmeg State ranked second-to-last in WalletHub’s WalletLiteracy Survey category, earning a rank of 50.
Connecticut ranked 14 for financial planning and habits and ranked 18 for financial knowledge and education.
The five U.S. states with the best financial literacy were Minnesota at No. 1, followed by Colorado, Wisconsin, New Hampshire and Virginia.
The five states with the worst financial literacy were Louisiana, Alaska, Oklahoma, South Dakota, and Arkansas at No. 51.
Overall, WalletHub categorized Connecticut as a state with “strong education and weak financial literacy,” according to charts included in its study. The state also has a “high credit score and weak financial literacy,” with a credit score rank of 16, according to WalletHub.
WalletHub also ranked Connecticut on its “Tax Burden by State” list on Tuesday. The Nutmeg State ranked No. 17 overall on the list, and it ranked eighth-highest in property tax burden.