Louisianans Don’t Know Much About Money
Another WalletHub study came out today that ranks Louisiana at the bottom in financial literacy. If the Great Recession taught us anything, it was that uncontrolled debt can lead to financial ruin. We don't seem to have learned the lesson.
In 2016 U.S. new credit card debt rose to $89.2 billion, the largest increase since 2007. 18 percent of Americans spend more than they take home, and only half have an emergency fund.
For this latest study, WalletHub's experts looked at a number of metrics including median credit score, share of adults spending more than they make, high-school financial literacy grades, share of households that don't have bank accounts.
Louisiana's rank--dead last. That's right. Out of the 50 states and the District Of Columbia the Pelican State came in at #51. New Hampshire ranked #1 in financial literacy.