Hawai’i Ranks 14th in Financially Savvy States
Personal finance website WalletHub recently conducted an in-depth analysis on 2016’s Most & Least Financially Savvy States, ranking Hawai’i in the top half with a ranking of 14th.
Wallethub compared all 50 states and the District of Columbia across 20 key metrics that speak to financial savvy, or lack of. These metrics included annual savings account averages to personal bankruptcy rates and credit card debt as a percentage of income.
Hawai’i was ranked among the states with the highest credit score at number four, after Minnesota, North Dakota, and South Dakota.
The aloha state received poor statistics in multiple categories, including a dead last ranking for the state with the highest total debt percentage of income and tying for last with Nevada for highest percentage of population spending more than they’re earning.
High foreclosure rates, tied with Florida for the 48th spot, also helped to sum up the analysis of Hawai’i.
Several categories had Hawai’i placed in the middle, shying away from the top or bottom five spots, ultimately leading to the overall 14th rank.
Minnesota, New Hampshire, and North Dakota were the top three most “financially savvy states;” while New Mexico, Arkansas, and Missouri were ranked as the least “financially savvy states.”