Mississippi Ranks 51st on Financial “Savviness” List by WalletHub

By Talbert Toole
Lifestyles Editor
talbert.toole@hottytoddy.com

In light of October being National Financial Planning Month, WalletHub—a personal finance website—recently ranked all 50 states, including the District of Columbia, in their “2018’s Most & Least Financially Savvy States” analysis.

Mississippi was ranked 51st on the finance website’s list after each state was analyzed by four dimensions: debt and spending, financial literacy, credit, and saving.

The analysis used 24 relevant metrics to determine the rankings of each state. Photo via WalletHub’s website.

After each state and Washington D.C. was analyzed through the four dimensions, the states were then examined by those dimensions using 24 relevant metrics.

Each metric has a corresponding weight, which was used to calculate a score on a 100-point scale. A score of 100 represented the most “savvy” financial consumers.

WalletHub then calculated each state and D.C.’s weighted average across all 24 metrics to configure each overall score, which was then used to rank the states and D.C. in order from best to worst financially. Mississippi gained an average score of 35.25, landing it last on the website’s list.

A complete overview of how Mississippi placed against the other 50 analyzed states and D.C. Photo via WalletHub’s website.

Massachusetts, New Hampshire, North Dakota, Minnesota and Connecticut placed in the top five spots on the list, respectively. Oklahoma, New Mexico, West Virginia, Arkansas and Mississippi placed in the bottom five spots of the list, respectively.

For a more detailed report of each state and D.C., visit WalletHub’s full report.

Mississippi placed 51st placed on WalletHub’s final analysis. Photo via WalletHub’s website.