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Wednesday, December 8, 2010

How Does Washington Fare In the Nation's First State-by-State Financial Capability Survey?

The FINRA Investor Education Foundation (FINRA Foundation) today launched a dynamic interactive Web resource to display the results of America's first State-by-State Financial Capability Survey, which was also released today.

The new website,, displays a clickable map of the United States and allows the public, policymakers and researchers to delve into and compare the financial capabilities of Americans in every state and across geographic regions.

The State-by-State Financial Capability Survey, which surveyed more than 28,000 respondents, was developed in consultation with the U.S. Department of the Treasury and the President's Advisory Council on Financial Literacy.

Washington scored better than the national average on many of the questions. Here are the results specific for Washington:

- 17% of Washington residents reported that over the past year, their household spent more than their income

- 53% of Washington residents lack a rainy day fund to cover expenses for 3 months

- 23% of Washington residents reported using one or more non-bank borrowing methods in the past 5 years

- On average Washington residents answered 3.2 of the 5 financial literacy questions correctly

- 65% of Washington residents said that, when obtaining their most recent credit card, they did not collect and compare and information about cards from more than one company

To view the clickable map and compare Washington to the rest of the nation, visit