How smart are Tennesseans about their money? Not so much as our neighbors


(WDEF) – The financial website WalletHub put states to the test for Financial Literacy Month.

And Tennessee didn’t grade so well.

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The Volunteer state ranks 6th worst in the nation for our Money habits.

WalletHub calculated stats like how much we save, credit card use, and personal bankruptcy rates.

Georgia is just one position better, Alabama and North Carolina rank higher on the list.

Missouri is the worst state for Financial Savy, while Minnesota is best.

Our best score in Tennessee was our Mortgage Debt, which ranks slightly better than the national average.

Our worst trait is our credit score.

Here are a few Tennessee financial issues, according to WalletHub.

Financial Savvy in Tennessee (1=Most; 25=Avg.)
• 40th – Average Credit Score
• 21st – Mortgage Debt as a % of Income
• 32nd – Housing Expenses as a % of Median Home Price
• 39th – Percentage of Unbanked Households
• 30th – Delinquency Rate on Mortgages, Auto Loans, Student Loans & Credit Cards
• 27th – % of the Population Spending More than They Earn
• 32nd – % of the Population with Rainy-Day Funds

Source: WalletHub

See the full rankings and get tips on how to improve your Financial Savvy by clicking here.