Utah ranks second in financial literacy, study shows

Posted at 7:59 AM, Apr 06, 2015
and last updated 2015-04-06 10:00:58-04

SALT LAKE CITY — A study by financial company Wallet Hub shows Utah is the second most financially literate state in the nation.

Researchers considered financial planning, daily habits, knowledge and education to determine which states were more financially savvy than others.

The following factors were taken into account:

Planning & Daily Habits

  • Percentage of People Who Spend More Than They Make
  • Percentage of People with a Rainy Day Fund
  • Percentage of Unbanked Households
  • Percentage of People Borrowing from Non-Bank Lenders
  • Percentage Paying Only Minimum on Credit Card
  • Percentage Comparing Credit Cards Before Applying

Knowledge & Education

  • Champlain University High School Financial Literacy Grade
  • High School Dropout Rate
  • FINRA Financial Literacy Survey
  • Percentage of Residents with a Bachelor’s Degree or Higher
  • Number of Library Branches per 100,000 Library Service Population

Utah ranked seventh under Planning & Daily Habits category of metrics and first under the Knowledge & Education category . The Beehive State was second to New Hampshire in the overall rankings.

The study also found Utah has the fourth lowest high school dropout rate in the country, behind New Hampshire, Alabama and New Jersey.

Use this Wallet Hub chart to compare all 50 states: