Here's How Financially Literate Texas Is In 2019

Texas was ranked as the 25th most financially literate state in the country according to a new report from personal finance website WalletHub. The organization used a data set of 17 metrics, including the results of WalletHub’s WalletLiteracy Survey, which range from high-school financial literacy grade to the share of adults with a rainy-day fund, WalletHub said in a news release.

Texas was ranked behind Montana and ahead of Connecticut. The most financially literate state was Virginia while the worst was Louisiana.

The report used data from the U.S. Census Bureau, National Center for Education Statistics, and National Telecommunications and Information Administration, among other places.

Some other key data from WalletHub:

• Massachusetts has the lowest share of residents who spend more than they earn, 13.29 percent, which is 1.7 times lower than in Delaware, the state with the highest at 22.67 percent.
• North Dakota has the highest share of residents with rainy-day funds, 55.55 percent, which is 1.5 times higher than in West Virginia, the state with the lowest at 37.94 percent.
• The District of Columbia has the highest share of residents who compare credit-card offers before applying, 45.96 percent, which is 1.7 times higher than in Minnesota, the state with the lowest at 26.42 percent.
• Vermont and Minnesota have the lowest share of unbanked households, 1.50 percent, which is 10.5 times lower than in Mississippi, the state with the highest at 15.80 percent.