Georgia, Alabama residents are not very good at managing money, new report shows

Georgians aren’t very capable of managing their finances, a new study from WalletHub says.

The popular credit report and advice website released a study on the most and least financially savvy states (including the District of Columbia) for 2017. Georgia ranked no. 44 and Alabama finished slightly ahead at no. 41.

To conduct the study, researchers looked at four categories: debt and spending, financial literacy, credit, and saving. Each category was weighted with a point system and used to calculate a total score, providing a final rankings for the 50 states and D.C.

Alabama and Georgia performed exceptionally low in the median credit score category — the two states tied for spot no. 49.

“About 42 percent of U.S. adults, for instance, grade their knowledge of personal finance a “C” or worse,” WalletHub states. “Meanwhile, three out of five admit to not keeping a budget, one of the most basic life skills that every adult should master even as early as high school.”

Other southern states performing in the bottom half of the rankings include Mississippi at no. 51, Louisiana at no. 45, and Florida at no. 40.

This story was originally published September 27, 2017 at 9:30 AM with the headline "Georgia, Alabama residents are not very good at managing money, new report shows."