Wallethub: NC ranks sixth overall in list of financially literate states
The state ranked first in high school financial literacy
A new report published by the website WalletHub has ranked North Carolina sixth in the nation in financial literacy.
The state was graded on 17 different economic and financial metrics which gave states a composite score. North Carolina scored a total of 67.11, just over 8 points behind Nebraska which WalletHub named the most financially literate state.
Here are the top ten states ranked by WalletHub:
Here’s a list of how North Carolina scored in some of the breakout ranking areas:
1st in high school financial literacy
10th in the percentage of adults (18 and up) who have “rainy-day” funds
11th in percent of unbanked households; i.e., no one in a household who has a checking or savings account with an insured institution.
21st in percent of adults aged 18+ spending more than they earn
28th in the “WalletLiteracy” survey score
30th in the percentage of adults (18 and up) who compare credit cards before applying for one
Despite the pandemic and only one year in, the required financial literacy course implemented in the state appears to be having an impact as the state ranked number one for high school financial literacy.
In July of 2019, Governor Roy Cooper signed into law a bill that requires all high school students to pass a course in economics and financial literacy in order to graduate. That law took effect during the 2020-21 school year.
North Carolina already had some financial literacy in its K-12 standards but the 2019 law created specific course requirements that included:
(1) The true cost of credit.
(2) Choosing and managing a credit card.
(3) Borrowing money for an automobile or other large purchase.
(4) Home mortgages.
(5) Credit scoring and credit reports.
(6) Other relevant financial literacy issues.
At the time, former Lieutenant Governor Dan Forest backed the legislation which first was proposed at the legislature via Senate Bill 134.
Read more, become a subscriber.
Keep reading with a 7-day free trial
Subscribe to More to the Story by A.P. Dillon to keep reading this post and get 7 days of free access to the full post archives.