Well, this might explain a few things: We as a state are simply not that savvy when it comes to money, according to a study of state data released Wednesday by WalletHub.
The Washington, D.C.-based company, which offers online financial tools and information for consumers and small business, calculated scores based on some “key dimensions” of handling money: spending and debt, financial literacy, credit and saving.
WalletHub took a number-crunching look at financial information for the 50 states and the District of Columbia and when all the data had settled, Georgia ranked seventh.
From the bottom.
But our weaknesses – well. Where do you start? Maybe with a question about mortgage debt as a share of income: Georgia ranks 27th, that is, slightly worse than average.
Or with a question about how much of the population has some kind of “rainy day” as a backup against unexpected expenses. Georgia ranked 32nd best.
But there were more painful flaws. For example, when it comes to “unbanked” households – that is, people who do not have bank accounts and are dependent on the likes of check-cashing companies – Georgia ranks 43rd.
And when it comes to our delinquency rate on loans: Georgia ranks 45th.
So it should come as no surprise that we don’t look so bright and shiny when in comes to credit scores: 49th.
Oddly, when WalletHub analyzed the states for financial literacy – that is, how much knowledge people have about finance – Georgians score much better.
“Literacy comes down to education, while savvy comes down to implementation,” said Diana Popa, spokesperson for WalletHub.
Yeah, and we are apparently kinda weak on that implementation thing: We’re 45th on savviness, but on literacy we come in 36th.
Which are the savviest states? The top five financially:
2 New Hampshire
3 North Dakota
5 New York
What about the states with savvy-shortages? Here are the six that scored below Georgia:
49 New Mexico