Mississippi receives 'F' rating for financial literacy

Mississippi receives 'F' rating for financial literacy
Mississippi receives "F" rating in financial literacy. Photo credit WDAM

HATTIESBURG, MS (WDAM) - When it comes to financial literacy, the state of Mississippi ranks last in the nation, according to the National Report Card on Adult Financial Literacy released by Champlain College.

The report card grades states on financial knowledge, credit, saving and spending and retirement readiness. Mississippi received an "F" on all of those categories, except for financial knowledge.

The State Treasurer's office believes there is a connection between our financial literacy and the poverty level.

"We hare at the very bottom of all of the surveys including this one when it comes to financial literacy, but we have the highest poverty level in the country. That's not a coincidence," said Michelle Williams, chief of staff for the office of the State Treasurer.

Financial Adviser Dorian Black said the issue of financial literacy can be explained by the lack of responsible spending habits.

"It comes from bad habits. You have to know what's coming in and what's going out, and if it's going out, you have to know where it's going," Black said.

Williams and Black both agree that improving the score will take time, and they are hopeful it will change soon.