VICTORVILLE – WalletHub put out the Best and Worst Cities at Money Management, Tuesday, ranking over 2,500 cities in the US. Apple Valley, Barstow, Hesperia, Victorville and Adelanto come in near the bottom of the list for 2023.
The National Foundation for Credit Counseling’s 2021 survey found that the majority of the general population — 56% give themselves an A or B in terms of their knowledge about personal finance. In addition, less than half have a budget and keep track of how much they spend on food, housing, and entertainment.
WalletHub compared more than 2,500 cities based on 10 key money management indicators. The data set includes the average credit score, the average number of late payments and mortgage debt-to-income ratio.
The data shows that High Desert communities rank poorly in terms of money management skills.
Cupertino, CA, Lexington, MA and Scarsdale, NY ranked the top three cities for money management.
Experts on Financial Literacy
Experts weighed in why with all the resources available today, many Americans still manage their money poorly.
Pennsylvania State University Professor Scott Collins said the most common mistake is acquiring assets that do not generate any passive income.
“The proverbial “living beyond one’s means,” so to speak. As it turns out, the accumulation of these non-income-generating assets tends to encumber an individual to a life of work that is required to pay for their chosen lifestyle,” said Collins.
Collins thinks high school students should be required to learn about personal financial literacy topics.
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“Things like establishing and maintaining a personal budget, viewing and monitoring a personal credit score, responsibly building and managing credit through the acquisition of loans and credit cards, and understanding how to create and achieve long-term wealth-building goals,” said Collins.
To view the 2023 Best and Worst Cities at Money Management visit https://wallethub.com/edu/best-cities-at-money-management/19256