As an advisor, your money management skills are more than likely up to snuff. But how does the average American’s management abilities measure up?
In a new analysis, WalletHub ranks 2,534 U.S. cities by their residents’ money management skills. The ranking is based on 10 metrics, including credit score, credit card debt-to-income ratio, mortgage debt-to-income ratio, car loan debt-to-income ratio, student loan debt-to-income ratio, average number of late payments, average percentage of credit used, share of adults who are delinquent on their debts, share of adults with a bankruptcy filing in the past year, and foreclosure rate. Each city then receives an overall score using the weighted average across all metrics.
While the best cities on this list are perhaps indicative that their residents are doing just fine financially, the worst cities could present an opportunity for advisors; these are the places where residents need financial advice the most, one could argue.
If you look at the list, trends start to emerge. Three of the worst cities, for example, are located in the Atlanta metropolitan area, an indication that the area is underserved.
Here are the 10 best and worst cities at money management in 2017 that came out of WalletHub’s analysis.
