Top 10 Dumbest States for Financial Literacy: 2014

Some people have a knack for financial planning and some don’t. It seems to be the same with states; which will likely leave financial advisors with a lot more hand-holding to do with potential clients.

People in these states are more likely to have revolving credit card debt, take loans from places other than banks like high-interest payday lenders, and spend more than they earn, according to WalletHub.

WalletHub, a financial decision making site, noted that overall there is a huge financial literacy problem in the U.S. The site assessed states based on two categories: knowledge and education; and planning and daily habits.

The site looked at the high school dropout rate, results of a Financial Industry Regulatory Authority literacy survey and the percentage of adults with a bachelor’s degree, among other measures, to rate states in the first category. The second category included looking at the percentage of people who spend more than they earn, how many have a rainy-day fund and how many pay only the minimum payment on their credit cards, among other measures.

(Related: Top 10 Smartest States for Financial Literacy)

Check out the 10 Dumbest States for Financial Literacy for 2014:

10. MICHIGAN

Overall Score: 42^nd out of 51

Literacy: 46^th out of 51

Behavior: 35^th out of 51

9. ARIZONA

Overall Score: 43

Literacy: 38

Behavior: 41

8. KENTUCKY

Overall Score: 44

Literacy: 44

Behavior: 38

7. ALABAMA

Overall Score: 45

Literacy: 43

Behavior: 39

6. RHODE ISLAND

Overall Score: 46