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 York54%
2.New Jersey51%
3.Washington49%
4.Minnesota47%
5.Pennsylvania46%
Bottom 5
1.Nevada30%
2.Alabama32%
2.Tennessee32%
4.Montana34%
4.Louisiana34%
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.Minnesota60%
2.Maryland59%
3.New Hampshire58%
3.Delaware58%
3.Hawaii58%
Bottom 5
1.Florida43%
1.West Virginia43%
3.Alabama44%
4.Oklahoma45%
4.Mississippi45%
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 Jersey13.8%
2.New Hampshire15.4%
3.Massachusetts15.6%
4.New York17.7%
5.California17.8%
Bottom 5
1.Montana36.6%
2.Oklahoma36.0%
3.Wyoming34.6%
4.Mississippi33.8%
5.South Carolina32.9%
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:
