Missouri ranks worst in financial smarts

3 years 1 month 1 week ago Friday, April 15 2016 Apr 15, 2016 Friday, April 15, 2016 11:37:00 AM CDT April 15, 2016 in Continuous News
By: Sasha Sander, KOMU 8 Reporter
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COLUMBIA — Taxpayers have until Monday to pay for their taxes.

According to financial resource site Wallet Hub, Missouri ranks 51st as the least financially savvy state, including Washington, DC.

That means Missouri lacks overall knowledge of spending, debt, savings, credit scores and delinquencies.

Financial advisor Alex LaBrunerie said, “Generally a large portion of the state's population, along with the rest of the population, feel like they don't know how to manage financial decisions that impact their wealth.”

KOMU 8 asked Columbia residents if they knew financial basics like the difference between a credit card and a debit card.

Alexandria Brown said, “I got a lot of credit cards, almost 20 grand in debt so... I am probably the worst person when it comes to handling money, but I'm good at spending it.”

To improve money habits and economic prosperity as a state, LaBrunerie offered a list of tips:

-monthly savings for retirement

-make long term investments

-develop a relationship with someone that knows about finances

 

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