(KNSI) – The move by the state legislature to mandate financial literacy classes in high school is getting an A grade from the website WalletHub.
The requirement vaulted Minnesota to third overall in the financial knowledge and education category. Overall, we were first. Minnesota has the fourth lowest percentage of adults paying only the minimum on their credit card balances. We’re tenth best in the number of people with a rainy day fund.
Only about 15% of residents spend more than they take in, and our average credit score is a whopping 749, a point away from the excellent category. That means we are not maxing out our cards and paying down our balances on time. Thirty-seven percent of Minnesotans are confident they can achieve their financial goals, which is second highest in the nation.
The Midwest, in general, is on sturdy financial footing. Iowa and Wisconsin were also in the top ten overall, and Indiana, Michigan, and Ohio made the top 20.
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