Maine Earns Solid Financial Literacy Ranking, Report Finds

So, how financially literate is Maine? It turns out—quite financially literate, at least according to a report that recently hit the internet.

WalletHub, the popular personal finance website, published this article and painted a very nice picture for the Pine Tree State.

Who Financially Literate is Maine?

Out of the 50 states and Washington, DC, Maine was named the 19th most financially literate state. That’s a pretty solid position, if you ask me.

Maine finished with a total score of 64.16 out of a possible 100 points. The scoring was based on three major categories: WalletLiteracy, Financial Planning & Habits, and Financial Knowledge & Education. These were further broken down into 16 subcategories, along with a survey, to produce the most accurate scores. You can read more about the methodology here.

The lowest score for Maine came in the Financial Knowledge & Education category, where it finished 37th. That’s not ideal, considering this includes metrics like high school graduation rates, the number of financial courses and tests in schools, and bachelor’s degree rates. One would hope this improves, given how important financial knowledge is, especially for young adults.

Another less-than-stellar ranking can be found in Financial Planning & Habits, where Maine placed 30th. Again, not great, since this category covers serious financial factors like credit scores, rainy-day funds, and college savings accounts.

So, how on earth is Maine ranked so high, considering two of the categories are underwhelming? It’s because the state absolutely aced the WalletHub Wallet Literacy survey.

The website surveyed nearly 50,000 people, asking them a variety of questions about personal financial knowledge. According to the results, Maine came out on top—number one.

I have to admit, that’s a bit surprising given the scores in the other categories. Still, it’s great to see Mainers showing confidence in this survey...it’s kind of our thing.

How Financially Literate are the States in New England?

Maine wasn’t the only New England state that performed well. Three others finished in the top 25. Here’s a closer look:

4. New Hampshire
13. Vermont.
25. Massachusetts
27. Connecticut
34. Rhode Island

The number one state overall was Minnesota. Apparently, it’s not just hockey they excel at.

READ MORE: Maine’s Acadia National Park Ranks 7th in the Nation with Over 4 Million Visits

As for the flip side, Arkansas finished dead last. Well, someone has to be. You can see the full list here.