Just How Financially Literate Are New Yorkers?
The financial squeeze is on for many New Yorkers who are faced with rising inflation and budgetary cutbacks in the workplace, which are keeping them from getting any cost of living wage increase.
Less than half of adults are setting a budget anymore, instead simply living paycheck to paycheck and hoping in the end the dust will settle and they will somehow find the money needed to pay their bills.
The fact that so many aren't making much of an effort to tuck something, anything away is interesting considering only a few years ago, the housing market collapsed and Americans were literally swallowed in debt. It would seem most learned nothing of the events of only a few years ago.
According to Wallet Hub, Americans ended 2022 with over $1 trillion dollars in total credit card debt. April is National Financial Literacy Month and WalletHub wanted to find out which states have the best financial literacy, so it analyzed financial-education programs and consumer habits to get the answer.
In order to reach its conclusion of just how stable residents of each state are, WalletHub looked at 17 key factors including median credit score, adults who have some sort of savings tucked away, the share of unbanked households, and the results of the WalletLiteracy survey.
While New York didn't top the list of the most financially literate states, at least we didn't land on the list of the least literate states so perhaps there's some financial hope.
According to WalletHub, the most financially literate state in America is Nebraska while the least financially literate state is Arkansas. New York landed near the middle of the list, coming in as the 34th most financially literate state. Consider this though, in 2022, New York ranked as 24th most financially literate state. Not good.