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South Dakota 4th to last state in financial literacy, says WalletHub

Published: Apr. 11, 2021 at 7:27 PM CDT
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RAPID CITY, S.D. (KOTA) - A survey from WalletHub ranks South Dakota as the fourth to last state when it comes to financial literacy.

With stimulus payments continuing to go out to Americans and an economy that’s returning to “normal,” it’s a good time to have a better understanding of personal finance.

According to WalletHub, South Dakota is receiving only a C+ when it comes to financial literacy. That makes the Mount Rushmore State 46th in the nation when it comes to financial planning and general knowledge about finance.

Bonnie Spain, CEO of Credit Consumer Counselors of the Black Hills, believes the state lags when it comes to financial education. She said that families should begin to teach children about small aspects of finance at the age of five.

“The sooner they know why you put something back because you don’t even think about is something is too expensive or it’s not a good value, explain to your child, this is not a good value,” Spain said. “I also think allowance should be used as a money management tool and not a chore tool.”

As Americans continue to receive their stimulus payments, many are wondering how to best utilize this money. Spain said that the priority is to get all your bills and debts paid off.

Rapid City Resident Kelly Lee agrees.

“Basically, I just wanted to get everything steered straight so that that way I was leveled out and I can have a clear conscious and just continue building,” Lee said.

Spain also hopes to see more of a curriculum of personal finance in high school and college in South Dakota.

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