As April marks National Financial Literacy Month, a new study from WalletHub reveals that New York lags behind most states in key measures of financial know-how.
The Empire State ranked 35th overall in WalletHub’s 2025 Most & Least Financially Literate States report, which assessed financial education programs and consumer habits across all 50 states and Washington, D.C. The analysis used 17 metrics, including survey scores, credit card behaviors, and the presence of emergency savings.
New York posted mixed results. It ranked relatively well in the percentage of adults with rainy-day funds (12th) and those who compare credit cards before applying (5th). However, it landed near the bottom for its high-school financial literacy grade (44th) and the share of unbanked households (37th). Nearly a third of adults reported spending more than they earn, placing the state 30th in that category.
WalletHub analysts pointed to the impact of early education and long-term habits. “Too many Americans lack comprehensive financial literacy, which causes them to have lower credit scores, prevents them from getting credit with good interest rates and lowers the amount of wealth they build throughout their life,” said analyst Chip Lupo.
Minnesota led the rankings as the most financially literate state, bolstered by its required personal finance coursework in schools and a high median credit score of 751.
Experts in the study emphasized the need for stronger financial education, starting in schools and extending into communities. They also urged families to talk more openly about money, model responsible spending, and prioritize saving—especially amid economic uncertainty.
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