Montanans Are Officially The Most Financially Irresponsible People In America

montana licence plate

An extensive survey by the Treasury Department has identified the most financially incompetent state in America: Montana.

The online survey of nearly 30,000 Americans asked questions about spending habits and financial literacy. We identified the most irresponsible based on an index of scores on key questions.

23 per cent of Montanans spent more during the past year than they earned (not including big investments like car or home). The national average was 20 per cent.

67 per cent of Montanans don’t keep a rainy day fund to cover expenses for three months in an emergency. The national average was 40 per cent.

37 per cent of Montanans reported engaging in non-bank borrowing, like payday loans and pawn shops, in recent years. The national average was 24 per cent.

On basic financial literacy questions, Montanans actually tied the national average: three out of five. When it comes to buying a credit card, 60 per cent of residents said they comparison don’t comparison, which beats the national average of 62 per cent.

#10 Kentucky

Spends more than saves: 17%

No 'rainy day' fund: 67%

Borrows from things that aren't banks: 29%

Doesn't comparison shop when choosing a credit card: 66%

Financial literacy score: 2.8 / 5.0

National averages on the Treasury survey were 20%; 60%; 24%; 62%; and 3.0.

#9 Nevada

Spends more than saves: 20%

No 'rainy day' fund: 65%

Borrows from things that aren't banks: 32%

Doesn't comparison shop when choosing a credit card: 61%

Financial literacy score: 3.1 / 5.0

National averages on the Treasury survey were 20%; 60%; 24%; 62%; and 3.0.

#8 Tennessee

Spends more than saves: 20%

No 'rainy day' fund: 65%

Borrows from things that aren't banks: 30%

Doesn't comparison shop when choosing a credit card: 62%

Financial literacy score: 2.9 / 5.0

National averages on the Treasury survey were 20%; 60%; 24%; 62%; and 3.0.

#7 Arizona

Spends more than saves: 20%

No 'rainy day' fund: 64%

Borrows from things that aren't banks: 32%

Doesn't comparison shop when choosing a credit card: 66%

Financial literacy score: 3.1 / 5.0

National averages on the Treasury survey were 20%; 60%; 24%; 62%; and 3.0.

#6 New Mexico

Spends more than saves: 21%

No 'rainy day' fund: 65%

Borrows from things that aren't banks: 31%

Doesn't comparison shop when choosing a credit card: 63%

Financial literacy score: 3.0 / 5.0

National averages on the Treasury survey were 20%; 60%; 24%; 62%; and 3.0.

#5 West Virginia

Spends more than saves: 21%

No 'rainy day' fund: 65%

Borrows from things that aren't banks: 30%

Doesn't comparison shop when choosing a credit card: 61%

Financial literacy score: 2.8 / 5.0

National averages on the Treasury survey were 20%; 60%; 24%; 62%; and 3.0.

#4 South Carolina

Spends more than saves: 22%

No 'rainy day' fund: 62%

Borrows from things that aren't banks: 33%

Doesn't comparison shop when choosing a credit card: 63%

Financial literacy score: 3.0 / 5.0

National averages on the Treasury survey were 20%; 60%; 24%; 62%; and 3.0.

#3 Mississippi

Spends more than saves: 23%

No 'rainy day' fund: 66%

Borrows from things that aren't banks: 34%

Doesn't comparison shop when choosing a credit card: 60%

Financial literacy score: 2.9 / 5.0

National averages on the Treasury survey were 20%; 60%; 24%; 62%; and 3.0.

#2 Oklahoma

Spends more than saves: 21%

No 'rainy day' fund: 72%

Borrows from things that aren't banks: 36%

Doesn't comparison shop when choosing a credit card: 60%

Financial literacy score: 3.0 / 5.0

National averages on the Treasury survey were 20%; 60%; 24%; 62%; and 3.0.

#1 Montana

Spends more than saves: 23%

No 'rainy day' fund: 67%

Borrows from things that aren't banks: 37%

Doesn't comparison shop when choosing a credit card: 60%

Financial literacy score: 3.0 / 5.0

National averages on the Treasury survey were 20%; 60%; 24%; 62%; and 3.0.

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