October is National Financial Planning Month and about two in five U.S. adults grade their knowledge of personal finance a “C” or worse. Georgia is among the worst states when it comes to financial know-how.
The personal-finance website WalletHub compared the 50 states and the District of Columbia in more than 20 areas including annual savings account average, personal bankruptcy rate, and total debt as percentage of median income . Analyst Jill Gonzalez says Georgia ranked near the bottom of its list of "2017’s Most & Least Financially Savvy States."
“Georgia had the second-lowest median credit score in the country in the high 500’s,” according to Gonzalez. “So keep in mind the highest you can have 850, lowest is at 300. Georgia typically finds itself in the bad credit range. “
And that, Gonzalez says, can have long-ranging consequences.
“That is something that really affects the rest of your life, from how many loans you can get to even employers that are hiring that tend to pull credit now.”
Georgia did have a low foreclosure rate, coming in at 15 on the list.
At number 44 on the list, Georgia was ranked the 8th least financially savvy state in the country.
For complete list:
https://wallethub.com/edu/most-and-least-financially-savvy-states/20496/.
