Financial literacy and education are more critical now than ever. Every day, American consumers have to navigate complex financial consumer markets.
However, too few of them have the skills and knowledge to make sound financial decisions. Only one-third of adults could answer at least four of five financial literacy questions on fundamental concepts such as mortgages, interest rates, inflation, and risk, according to a recent study by the Financial Literacy and Education Commission (FLEC).
FINRA Investor Education Foundation has a quiz that will test your capability to make sound financial decisions on savings, credit products, housing, retirement savings, and much more.
The test, which covers mortgages, inflations, risk, and more, is a quick and powerful way to assess one’s ability to make informed financial decisions. The quiz is only six questions. Most quiz takers get three correct answers out of 6.
Are You Money Smart?
Before you take the assessment and show up your financial capability, here are the ten most and least financially literate states and their most popular bank, which has an unspoken obligation to ensure that the community they serve is equipped to make individual financial decisions with confidence.
10 Most Financial Literate States & Their Most Popular Bank
- North Dakota -Gate City Bank
- Minnesota-Wells Fargo
- New Hampshire-Citizens Bank
- Nebraska-Pinnacle Bank
- South Dakota-Wells Fargo
- Utah-Zion Banks
- Kansas-Capitol Federal Savings Bank
- Wisconsin-Associated Bank
- Massachusetts-Citizens Bank
- Colorado-Wells Fargo
10 Least Financial Literate States & Their Most Popular Bank
- West Virginia-City National Bank
- Nevada-Wells Fargo
- Indiana-Chase Bank
- Louisiana-Chase Bank
- Georgia-Wells Fargo
- Alaska-Wells Fargo
- Texas-Wells Fargo
- Pennsylvania-Citizens Bank
- Tennessee-Regions Bank
- Delaware-M&T Bank
Are you money smart? You can click here to take the FINRA Investor Education Foundation literacy quiz and come back here and comment with your score.
*Most popular bank in each state is based on the number of that bank branches available in that state.
