Kansas has a higher financial IQ than Missouri, survey says

When it comes to financial smarts, consumers in Kansas rank closer to the head of the class than those in Missouri, according to a survey released Wednesday by the WalletHub credit services company.

Kansas was ranked the 13th-best state in WalletHub’s annual financial literacy survey, while Missouri finished near the bottom at No. 45.

WalletHub surveyed more than 5,100 consumers and relied on 12 money management measures to come up with an overall financial literacy score for each state and the District of Columbia.

Survey respondents were asked about such things as paying off credit balances each month, whether they had a rainy day fund for emergencies, whether they spent more than they earned and whether they borrowed money from non-bank lenders.

New Hampshire, Minnesota and Illinois were the top three states in the survey, while the District of Columbia, Alaska and Nevada were at the bottom.

While WalletHub conducted the survey last year, it revamped the methodology for 2016 so there are no direct comparisons. Still in 2015, Kansas ranked 44th overall and Missouri ranked 33rd.

WalletHub released its latest survey in advance of National Financial Literacy Month in April, which spotlights issues surrounding money management habits such as budgeting, credit card debt and saving.

In the Kansas City area, more than 40 banks, credit unions, and professional financial and social service organizations will be participating in Money Smart Month activities throughout April.

The local events kick off Friday at six locations. For more information on Friday’s events and activities throughout April, go to www.moneysmartkc.org.

This story was originally published March 30, 2016 at 11:54 AM with the headline "Kansas has a higher financial IQ than Missouri, survey says."