Friday, May 31, 2013

Three Cheers for New Jersey

Give yourself a pat on the back: According to a survey from the Financial Industry Regulatory Authority, New Jersey is one of the top three most knowledgeable states for handling money, alongside California and and Massachusetts. The study participants were asked five basic financial literacy questions, and residents of the Garden State came out near the top.

It also looked at smart financial behaviors, and New Jersey did well on many of those measures as well. Some 45 percent of Garden Staters report having a rainy day fund, compared to 40 percent of all Americans. Only 30 percent of us reported that they pay just the minimum on their credit cards, as opposed to 34 percent of all people nationwide.

Here's another one in which we're gaining ground: 59 percent of people in New Jersey say they don't comparison-shop for rates before they choose a credit card, which seems like a lot but is actually below that national average of 61 percent. Back in 2009, we were worse than the national average.

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