Missouri a Most Financially-Challenged State, Worse than Illinois
This just in. I am not a rich man as far as finances go. Oh, and I was born in raised in Missouri. What do these facts have in common? Perhaps it's purely coincidence, but Missouri was just named one of the most financially-challenged state in America. Believe it or not, even worse than Illinois and that's saying something.
This new ranking was shared by The Digital Journal. It's based on a financial review done by Uplift Legal Funding that deals with finances. They baked a lot of different metrics into determining which states were managing their money the best.
Let's be clear that this study and ranking refers to Missourians handling personal finances and not state governments.
They baked a lot of metrics into their methodology with an emphasis on debt, how much of your income you consume every month, household-to-debt ratio, savings, etc. With all those numbers crunched, you'll see Missouri comes in as the 3rd worst state for financial health.
Only Montana and Maine have it harder than Missouri. The personal bankruptcy rate in particular is a factor that Missouri gets hammered for. The savings ratio is also alarmingly low. The number of Missouri families that live paycheck-to-paycheck is staggering. I cast no stones as my family has had to work hard to get ahead, too. The life in 2023 struggle is real and especially so for Missourians. Let's hope that the economy improves for all of us moving forward.