Financial Literacy in America: The Top 10 States, Plus the Bottom 10
Financial literacy isn’t just a buzzword, it’s the difference between building wealth or getting buried in debt. It affects how people budget, borrow, save, and even how they pass those habits on to their kids.
In 2024, CreditSecrets.com ranked all 50 states using key data like credit scores, graduation rates, banking access, and spending patterns. Some states are clearly doing something right. Others are basically leaving people to sink or swim.
This list breaks down the ten most financially literate states, and the ten that haven’t gotten it together. You’ll see who’s leading, who’s lagging, and what that means for the people living there.
Want to know where your state stands? Keep reading.
Table of Contents
The Most Financially Literate State: Nebraska
Nebraska isn’t just cornfields and college football, it’s the most financially literate state in the country. With a score of 62.37 and an “A” rating, the state is crushing it across the board.
High school graduation sits above 92%, the average credit score is a healthy 731, and only 3% of households are unbanked.
The state has a dense network of financial institutions, which makes it easier for people to access advice, open accounts, and avoid getting trapped in cash-advance cycles. Nebraska also pushes for early financial education, which means money skills aren’t just left to chance.
Bottom line: Nebraska isn’t perfect, but it’s getting more things right than almost anywhere else.
2nd Most Financially Literate State: Minnesota
Minnesota isn’t messing around either. With an A grade and a score of 61.18, it’s a close second. Graduation rates here are north of 94%, and the average credit score hits 742, one of the highest in the country.
Only 2.4% of residents lack a bank account, and the state maintains a strong balance between spending and income. That means people aren’t just earning money, they’re actually managing it.
Minnesota might not get flashy headlines, but it quietly outperforms when it comes to financial responsibility.
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3rd Most Financially Literate State: Virginia
Virginia lands in third with a score of 60.40 and an A grade to match. The average credit score is a solid 721, and graduation rates hover around 91%. But the real standout here is banking access: just 1.8% of Virginians are unbanked.
That stat alone says a lot. When people are connected to basic financial services, they’re more likely to avoid debt traps and make smarter money moves. Virginia’s also got balanced spending habits, which shows that financial literacy isn’t just taught, it’s practiced.
4th Most Financially Literate State: Vermont
Vermont comes in fourth with a score of 58.67 and a B grade. That might sound like a drop-off, but don’t let the letter fool you, Vermont still beats most of the country. It leads the pack in graduation rates at 94.55% and has an impressive average credit score of 736.
What sets Vermont apart is how well it shields its residents from predatory lenders. That kind of policy work matters. It’s one thing to teach people about money, it’s another to create an environment where bad financial decisions are harder to make. Vermont does both.
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5th Most Financially Literate State: Oregon
Rounding out the top five is Oregon, with a score of 58.28 and an A rating. Graduation rates sit just under 92%, and credit scores average 731, both strong indicators. But what really stands out is Oregon’s banking access.
Only 1.6% of households are unbanked, which means most residents have a direct line to the financial tools that build long-term security.Access is everything. You can’t build good financial habits without the basics.
Oregon seems to understand that, and the results speak for themselves.
6th Most Financially Literate State: Utah
Utah slides into sixth place with a score of 57.47 and still earns an A. Graduation rates are high at 93.17%, and the average credit score clocks in at 727. But Utah’s biggest strength? Only 1.2% of households are unbanked, the lowest in the top 10.
That one number says more than any credit score ever could. If nearly everyone has access to a bank account, it means more people are set up to budget, save, and avoid financial landmines.
Utah isn’t just good at teaching money basics, it makes sure people can actually use them.
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7th Most Financially Literate State: North Carolina
North Carolina lands in seventh with a score of 56.43 and earns another A. Graduation rates are close to 90%, and the average credit score is a respectable 707. It’s not the flashiest profile in the top 10, but what puts North Carolina here is balance.
Residents tend to live within their means. That balance between spending and income shows up in everything from lower debt loads to better financial confidence. It’s not about having more, it’s about managing what you have. North Carolina understands that, and it shows.
8th Most Financially Literate State: Maryland
Maryland ranks eighth with a score of 56.32 and a B grade, but don’t let the letter distract you. Graduation rates are strong at 91.09%, and the average credit score is 716. It’s a state where financial education and access go hand in hand.
Maryland stands out because people here manage credit well without overextending. They spend smart, pay down debt, and maintain healthy borrowing habits. It’s a sign that financial literacy isn’t just about knowing what to do, it’s about actually doing it.
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9th Most Financially Literate State: Iowa
Iowa lands ninth with a score of 55.60 and a B. With a 93.32% graduation rate and an average credit score of 729, it checks off most of the right boxes. But what really earns Iowa a spot in the top 10 is access.
The state has one of the highest numbers of financial institutions per capita. That means residents aren’t driving for hours to deposit a check or open a savings account. When banking is convenient, good financial behavior gets easier.
Iowa proves that access isn’t a luxury, it’s a foundation.
10th Most Financially Literate State: Ohio
Ohio rounds out the list at number ten with a score of 55.40 and an A grade. Graduation rates are solid at 91.74%, and the average credit score is 715. But the standout here is Ohio’s unbanked rate: just 3.5%.
That low number matters. Fewer unbanked households means more people are saving, budgeting, and borrowing responsibly. It’s not just about financial educationm it’s about systems that give people the tools to use what they’ve learned.
Ohio’s doing that, and it’s why they made the cut.
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10th Least Financially Literate State: New York
New York comes in at number ten among the least financially literate states, with a score of 43.17 and a D grade. That’s a rough drop for a state that claims to be a financial capital. The average credit score holds at 722, which looks fine on paper. But look closer.
The state has a high unbanked rate of 5.90%. That means too many people still rely on cash or alternative financial services. And access to traditional banks? Limited. It’s tough to learn how to manage money when the system makes it harder to even get in the door.
In a state built on finance, financial literacy isn’t keeping up.
9th Least Financially Literate State: Tennessee
Tennessee holds the ninth-worst spot with a score of 43.07 and a C grade. High school graduation is just under 90%, and the average credit score is 701. That’s not rock bottom, but it’s not enough to offset the real problem.
Predatory lenders are everywhere in Tennessee. There are nearly 10 for every 100,000 residents. That’s not just a red flag, it’s a trap. These high-interest loan shops aren’t about education or support. They’re about keeping people stuck.
And too many people in Tennessee are walking straight into that mess without knowing better.
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8th Least Financially Literate State: Oklahoma
Oklahoma ranks eighth worst, with a score of 42.83 and a C. Graduation rates are hovering around 88.7%, and the average credit score dips to 692. The numbers already look soft, but the bigger problem? Another payday lender hotspot.
The state reports 6.57 predatory lenders per 100,000 people. These aren’t financial institutions, they’re landmines. When people can’t access fair banking, they take what’s available, even if it wrecks their credit and wipes out their savings. It’s not a lack of effort, it’s a lack of options.
7th Least Financially Literate State: South Carolina
South Carolina lands at number seven with a score of 42.39 and another C grade. Graduation is steady at 89.61%, and the average credit score hits 693. But that’s where the good news ends.
Over 5.5% of residents don’t have a bank account, and payday lenders are far too common. Those two issues together spell trouble. No bank account means no savings tools, no credit building, and no protection against predatory financial products.
South Carolina isn’t giving its residents the structure they need to grow.
6th Least Financially Literate State: Mississippi
Mississippi takes the sixth-worst spot with a score of 42.11 and a B grade, though that grade feels generous given the numbers. Graduation rates are the lowest in the top or bottom ten at just 86.49%, and the average credit score bottoms out at 681.
But the most alarming stat? Mississippi has the highest unbanked rate in the country, 11.10%. That means more than one in ten households don’t use banks at all. In today’s world, that’s like driving without a seatbelt.
Without access to basic financial tools, even the best intentions won’t get people very far.Â
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5th Least Financially Literate State: South Dakota
South Dakota takes the fifth-worst spot with a score of 41.91 and an F grade. It sounds surprising, especially with a 93.05% graduation rate and a strong average credit score of 733. But numbers don’t always tell the full story.
The issue here is access. Even with good scores and diplomas, the state has an unbanked rate of 3.70%. That gap suggests something deeper, like a disconnect between education and financial behavior.
People may know what to do but still don’t have the tools to act on it. Without a reliable way to manage money, knowledge doesn’t go very far.
4th Least Financially Literate State: Arkansas
Arkansas lands at number four with a score of 41.89 and a D. Graduation rates are stuck at 88.67%, and the average credit score is 694. Nothing here screams disaster, but the combination of weak access and high reliance on non-bank loans puts the state in a tough spot.
Arkansas struggles to offer residents stable financial infrastructure. Traditional banking isn’t widespread, and alternative lending fills that gap, usually with terms that set people up to fail.
Without a stronger foundation, it’s hard to build better habits or long-term stability.
3rd Least Financially Literate State: Hawaii
Hawaii ranks third worst with a score of 41.72 and another D grade. Graduation rates look decent at 92.93%, and credit scores are high at 732. So what’s dragging this state down?
Overspending. Hawaii’s spending-to-income ratio is one of the worst in the country. People are living beyond their means, even with solid income and education levels. Limited access to financial institutions only makes it harder to stay on track.
It’s a case of high cost of living paired with weak financial infrastructure, and it’s not working.
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2nd Least Financially Literate State: California
California holds the second-worst spot with a score of 39.59 and a D grade. Graduation rates are low at 84.45%, and the average credit score sits at 721. But the real hit comes from poor access.
Roughly 5% of households don’t use banks, and that number should be way lower in a state with this much economic firepower. Add in limited financial education programs, and it becomes clear why so many residents are missing the basics.
California may be a tech and finance hub but on the ground, too many people are left behind.
The Least Financially Literate State in the U.S.: Alaska
Alaska ranks dead last with a score of 36.62 and an F. Graduation rates are actually high at 93.31%, and credit scores average 717. But don’t let that fool you. The problems are baked into the foundation.
There’s no financial literacy instruction in K-12 education. None. Combine that with one of the worst spending-to-income ratios in the country, and you’ve got a state where people are set up to fail early and often.
Even with decent incomes, without training or access, financial habits fall apart. Alaska tops the list for all the wrong reasons.
Why Financial Literacy Still Matters (More Than Ever)
Financial literacy isn’t just about credit scores and graduation rates, it’s about control. The states at the top didn’t get there through luck. They built systems that give people real access, real education, and real tools.
The ones at the bottom? They’re still stuck in old habits, letting people fall through the cracks. Financial freedom starts with knowing how money works, and having a system that helps you use it wisely.
If your state isn’t helping with that, it’s time to stop waiting and start learning on your own.
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