How Minnesota stacked up on financial savvy

  • Article by: KARA MCGUIRE , Star Tribune
  • Updated: December 18, 2010 - 9:32 PM

The FINRA Investor Education Foundation's U.S. financial capability study takes a state-by-state snapshot of the country's financial health. Minnesota ranked among the top five in response to two of these three issues:

The FINRA Investor Education Foundation's U.S. financial capability study takes a state-by-state snapshot of the country's financial health. Minnesota ranked among the top five in response to two of these three issues:

On average, across all of the states, 41 percent of respondents said that over the past 12 months they always paid their credit card bill in full. The other top five states are:

Top 5

1. New York 54%

2. New Jersey 51%

3. Washington 49%

4. Minnesota 47%

5. Pennsylvania 46%

Bottom 5

1. Nevada 30%

2. Alabama 32%

2. Tennessee 32%

4. Montana 34%

4. Louisiana 34%

Across all the states, 52 percent of respondents say that they (or their spouses) have a retirement plan through a current or previous employer (like a pension plan or a 401(k).

Top 5

1. Minnesota 60%

2. Maryland 59%

3. New Hampshire 58%

3. Delaware 58%

3. Hawaii 58%

Bottom 5

1. Florida 43%

1. West Virginia 43%

3. Alabama 44%

4. Oklahoma 45%

4. Mississippi 45%

Managing financial products: Households with one or more methods of borrowing from sources other than banks. Minnesota came in at 21 percent, below the national average of 24.3 percent.

Top 5

1. New Jersey 13.8%

2. New Hampshire 15.4%

3. Massachusetts 15.6%

4. New York 17.7%

5. California 17.8%

Bottom 5

1. Montana 36.6%

2. Oklahoma 36.0%

3. Wyoming 34.6%

4. Mississippi 33.8%

5. South Carolina 32.9%

Source: Financial Industry Regulatory Authority

HOW MINNESOTA STACKED UP ON FINANCIAL SAVVY

The FINRA Investor Education Foundation's U.S. financial capability study takes a state-by-state snapshot of the country's financial health. Minnesota ranked among the top five in response to two of these three issues:

  • get related content delivered to your inbox

  • manage my email subscriptions
 
Close