The Great Recession, coupled with the advancing age of the Baby Boomer population, has positioned insurance producers and financial advisors as some of the most important professionals in the financial services industry.
Indeed, the demand for qualified financial advisers has grown, with current market penetration just 1% in some areas according to a NAIFA-commissioned study. And a new study from WalletHub.com only compounds the point.
According to WalletHub researchers, Americans have racked up more than $73 billion in new credit card debt since the beginning of 2012, and only two in five adults actually have a budget. The country’s financial literacy is even worse. By measuring common indicators of financial literacy like the percentage of adults with a bachelor’s degree, the percentage of people who spend more than they earn and how many have a rainy-day fund, researchers were able to identify the 10 least financially literate states in the US, in a comparison of 50 states and the District of Columbia.
Based on these metrics, insurance professionals and financial advisers will have plenty of work with residents in these states.
10. Michigan
Overall rank: 42nd out of 51
Knowledge and education: 46th out of 51
Planning and behavior: 35th out of 51
9. Arizona
Overall rank: 43rd out of 51
Knowledge and education: 38th out of 51
Planning and behavior: 41st out of 51
8. Kentucky
Overall rank: 44th out of 51
Knowledge and education: 44th out of 51
Planning and behavior: 38th out of 51
7. Alabama
Overall rank: 45th out of 51
Knowledge and education: 43rd out of 51
Planning and behavior: 39th out of 51
6. Rhode Island
Overall rank: 46th out of 51
Knowledge and education: 48th out of 51
Planning and behavior: 40th out of 51
5. New Mexico
Overall rank: 47th out of 51
Knowledge and education: 49th out of 51
Planning and behavior: 37th out of 51
4. Louisiana
Overall rank: 48th out of 51
Knowledge and education: 40th out of 51
Planning and behavior: 49th out of 51
3. Nevada
Overall rank: 49th out of 51
Knowledge and education: 41st out of 51
Planning and behavior: 50th out of 51
2. Arkansas
Overall rank: 50th out of 51
Knowledge and education: 50th out of 51
Planning and behavior: 48th out of 51
1. Mississippi
Overall rank: 51st out of 51
Knowledge and education: 51st out of 51
Planning and behavior: 51st out of 51
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