Study ranks Nebraska No. 1 in financial literacy

A new study by Credit Secrets ranks Nebraska as the most financially literate state in the country.

The No. 1 spot in the analysis by the online site that offers resources to boost credit scores was pleasing, though not necessarily shocking, to Richard Baier, president and CEO of the Nebraska Bankers Association.

“It’s a reflection of the things we’ve done well in Nebraska over the last four or five years,” said Baier.

Using data from institutions including the U.S. Bureau of Economic Analysis and the Federal Deposit Insurance Corp., the online site said its analysis used nine metrics across two areas: education and economic habits. The study also weighted financial stability and challenges.

Baier said the analysis pulled in information, such as high school diploma rates, that he hadn’t commonly seen in other comparative studies. 

Among efforts that likely contributed to the Husker state’s “A” grade in the study, Baier said, is a 2021 state law intended to improve students’ personal finance skills, including budgeting, taxes, debt, risk management, investment strategies and credit-building.

The legislation added a half-credit high school personal financial literacy course as a graduation requirement in Nebraska and required incorporation of financial literacy into each public school district’s K-8 curriculum.

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