Mo' money, mo' problems. That's apparently the new state motto of Arizona, according to a new report released by WalletHub, which listed the most and least financially literate states in the country. The report, which was released at the end of April, looked at the education programs and consumer habits of residents across the country, and, sadly, Arizona received a less than stellar ranking.
The report was triggered by the staggeringly negative statistics regarding financial literacy across the nation. According to CardHub.com, U.S. shoppers have racked up more than $73 billion in credit card debt since early 2012. Furthermore, only two out of every five Americans actually have a budget.
To compile its report, WalletHub used 12 quantitative metrics including high school dropout rates, percentage of residents with a bachelor's degree, 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, and percentage of people who actually compare different credit cards before applying.
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Coming it at number 43 was Arizona -- followed by Kentucky, Alabama, Rhode Island, New Mexico, Louisiana, Nevada, Arkansas, and finally Mississippi. While Arizona had the highest number of residents with a rainy day fund (53 percent), it still wasn't enough to counter the fact that the report quoted us as having the highest high school dropout rate (7.8 percent) as well as being one the leading states for unbanked households.
But, hey, who needs financial literacy when the zombie apocalypse is right around the corner? At least you've got that going for you, Arizona.
For a detailed look at the report, visit WalletHub.com.