FINRA Foundation Releases Nation's First State-by-State Financial Capability Survey

[LiberalFighter]

New Jersey, New York and New Hampshire Most Financially Capable, Kentucky and Montana Place Last

WASHINGTON — The FINRA Investor Education Foundation (FINRA Foundation) today launched a dynamic interactive Web resource to display the results of America's first State-by-State Financial Capability Survey, which was also released today. The new website, www.usfinancialcapability.org, displays a clickable map of the United States and allows the public, policymakers and researchers to delve into and compare the financial capabilities of Americans in every state and across geographic regions. The State-by-State Financial Capability Survey, which surveyed more than 28,000 respondents, was developed in consultation with the U.S. Department of the Treasury and the President's Advisory Council on Financial Literacy.

The state-by-state survey found a significant disparity in financial capability across state lines and demographic groups:

* Citizens of New York, New Jersey and New Hampshire are the most financially capable. Those states ranked in the top five among all states in at least three of five measures of financial capability.
* Kentucky and Montana stood out as having lower financial capability when compared to other states. Citizens of both states were among the least financially capable in at least three of five measures of financial capability.
* Young Americans nationally were more likely to be less financially capable than older Americans, and they were significantly more likely to engage in non-bank borrowing.

Press Release Additional Data at links.

At Masson's Blog leads off with the following for the results.

Hoosiers are not financially literate

You know that old political cliche about how individuals know better how to handle their money than the government does? Well, maybe not. How well government manages your money is certainly open to question, but your average Hoosier isn’t really all that well equipped to make decisions about their money.