Study: N.H. consumers among most financially savvy



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The thrifty Yankee ethic is alive and well in New Hampshire, according to a study from the financial policy organization FINRA Investor Education Foundation. According to the foundation's U.S. Financial Capability Study -- which looked at financial literacy and practices -- New Hampshire scored in the top five of four of the five key measures. Granite Staters answered more financial literacy questions correctly than residents of any other state in the country, with more than three correct answers on such topics as estimating compounding interest and interest rates. New Hampshire residents also had a low rate of using non-bank methods of borrowing, such as payday loans. Of the 586 New Hampshire residents polled, 15.4 percent indicated they used one or more non-bank borrowing methods in the past five years. Only New Jersey had fewer non-bank borrowers at 13.8 percent. New Hampshire consumers also were among the most likely to compare credit card rates when looking for a card, ranking fourth. New Hampshire consumers also ranked fourth when it comes to having at least three months of expenses saved up for emergencies. Interestingly, Granite Staters fared comparatively poorly when it came to saving more than they spent each month. In 24th place, only 40.9 percent of New Hampshire respondents said they spent less than their monthly household income, below the national average of 41.6 percent savers. Individual state data may be viewed at usfinancialcapability.org. -- CINDY KIBBE/NEW HAMPSHIRE BUSINESS REVIEW Edit ModuleShow Tags