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April 29, 2014

You wouldn’t know it from our state government’s financial problems, but New Jersey ranks fourth in the country when it comes to financial literacy, according to Wallet Hub, an online financial site and marketplace for financial products.

The site looked at 12 metrics, ranging from basic education (for example, high school dropout rates and percentage of residents with a bachelor’s degree) to financial-planning issues (such as percentage of people with a rainy day fund, and percentage of people paying only the minimum on a credit card).

New Jersey scored only seventh in knowledge and education and ninth in planning and daily habits, but must have scored well enough overall to push it high on the list. The one metric in which New Jersey scored first? It has the lowest nonbank borrowing rate (16 percent) in the country.

Who performed better than New Jersey overall? New Hampshire, Utah, and Virginia. The three lowest-ranked states were Nevada, Arkansas, and Mississippi.

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