By BROOKE WANSER
While the state government may have its finances in order, the same can’t be said for most Tennesseans.
At least, that’s according to a new study released by personal finance company WalletHub, which ranks Tennessee 44th among a list of financially savvy states.
The ranking was determined by measures like median credit score, debt, savings, financial literacy, and share of adults in unbanked households.
Massachusetts, New Hampshire, and North Dakota took the top three spots for financial acumen, while, West Virginia, Arkansas, and Mississippi placed in the bottom three.
Here are areas Tennessee ranked lowest in:
- 40th – Median Credit Score
- 22nd – Mortgage Debt as a Percent of Median Income
- 27th – Foreclosure Rate
- 47th – Percentage of Credit Usage
- 34th – Housing Expenses as a Percent of Median Home Price
- 45th – Percentage of Unbanked Households
- 28th – Delinquency Rate on Mortgages, Auto Loans, Student Loans & Credit Cards
- 47th – Percentage of Adults with Rainy-Day Funds
- 33rd – Total Debt as a Percent of Median Income
As influx into Tennessee continues, many have struggled to find and keep affordable housing, perhaps explaining the high housing expenses as a percentage of home cost.
The study also shows that Tennesseans are reliant upon their credit cards, and struggle to maintain savings.
With wages on the rise in the state, Tennesseans can be more mindful of savings, to improve the low percentage of adults with rainy-day funds.
For more information on the study, click here.