Are Coloradans Financially Literate? New Study Says Yes

When it comes to finance, Colorado is back and forth in its stability. 

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Right now, Coloradans are struggling with inflation, the housing market, and the cost of rent. 

On the bright side, it was found that it has one of the best state economies in the entire country, ranking fourth. 

In good news as well, it turns out Colorado is also one of the most financially literate states in the entire country. 

Colorado is the Fourth Most Financially Literate State in the US

The study, which was done by WalletHub, was based on three different categories. WalletLiteracy Score, which is a test given by the site as a way to test users’ knowledge of money management. 

Then, each state was also ranked on Financial Planning and Habits along with Financial Knowledge and Education. Each state is then given a score out of 100. 

Colorado’s final score was 68.28, giving it a top five placement. 

It ranked well in every category. For the WalletLiteracy Score, it state scored the 10th highest. When it came to Financial Planning and Habits, Colorado did extremely well, placing 2nd in the country. Finally, it got an 18th place finish in Financial Knowledge and Education. 

What State Scored the Highest and Who Got the Lowest? 

When it comes to the best of the best, Minnesota takes the crown. Not only is it in first place, but it is the only state to have a score over 70, at 72.46 to be exact. 

It placed just ahead of Colorado in the WalletLiteracy Test scores, placing 9th. It’s the best at Financial Planning and Habits, while also ranking 3rd in Financial Knowledge and Education. 

The state with the lowest financial literacy ranking is Arkansas, who got a final score of 53.16. 

It placed 50th in the WalletLiteracy Test, while getting 45th in Financial Planning and Habits. Finally, it ranked 43rd in Financial Knowledge and Education.