When it comes to money, the people of Louisiana have much work to do to become more financially literate.
WalletHub has sent out its list of the financial literacy rankings among the states, and Louisiana has been ranked the second least financially literate state according to their press release.
The free credit score website analyzes a variety of different issues based on information that they gather on demographics, spending along with other factors.
Some of the study’s findings are that Louisiana ranks 40th when it comes to the number of adults who spend more money than they make. That’s a terrible condition, but we all know that trying to make ends meet at the end of a pay period, can be rough, to state the least. Another finding that is sad, is that Louisiana ranks 35th when it comes to the number of of adults who do have Rainy-Day Funds. In Louisiana, we just don’t make enough money. So many of our adults in Louisiana who have families are classified as living in poverty. When you can’t pay your bills, you can’t even think about how you are going to save money for a “rainy day”. That rainy day for also many Louisiana families, is each day that they live.
So, what did the people at WalletHub use as criteria for classifying their findings? There were seventeen different factors that were considered when coming up with WalletHub’s list. One factor was how much money people put away for their children’s education, the share of adults that try to attain their long-term financial and the share of adults who have a rainy day fund.
We come in at the bottom basically when it comes to adults who are only paying the minimum on their credit card debt each month. In the last year alone (2020), WalletHub says that American’s had $1 trillion in credit card debt.
WalletHub offers a financial literacy test that can help you learn what you do and do not know about the topic. One of the reasons they conducted the survey is that April is National Financial Literacy Month.
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