Utah is either the best or among the top states in a number of important areas, such as job growth, corporate expansion, business environment and quality of life. Now, a new survey shows the Beehive State is No. 1 again, this time in … financial literacy.
That’s the word from the FINRA Investor Education Foundation. In its Financial Capability Survey, Utah residents scored the highest of all states on a financial literacy quiz, with 49% of Utah residents getting 80% correct or better, compared with 39% for the U.S. as a whole.
Other findings: In Utah, 44% have ‘rainy day’ or savings accounts for emergencies, compared with 40% for the U.S. as a whole. (Consumers who have some money set aside for emergencies or unexpected events are less likely to take on high-rate credit card or consumer debt.)
In addition, 44 percent of Utah residents said they pay their monthly bills on time, and 48 percent say they are saving for retirement. Both are higher percentages than for the nation as a whole. No state is perfect, of course, but this survey at least shows Utahns are on the right financial track.
Want to see how you do on the quiz? Go here to try it for yourself.