Here’s the Average Credit Score in Massachusetts, How Does Yours Compare?
Money makes the world go round. Hate it or love it, that's the truth and Massachusetts
Money management skills have a huge influence on our lives. Credit scores, income-to-debt ratio, and developing a budget are all life skills that can dictate where you work, where you live, what kind of car you drive and so much more.
Twenty years ago, there was zero public school education surrounding credit scores or student debt, two factors that greatly affect high school seniors as they turn 18 and head out into the world.
Recently, there has been a push for state-regulated educational standards to include financial education, however as of May 2023, only eight states require personal finance courses to be taught. Alabama, Iowa, Mississippi, Missouri, North Carolina, Tennessee, Utah, and Virginia all have financial programs in place that high school students are required to take before they graduate.
According to Next Gen Person Finance, seven more states also have plans to institute the requirement in the next few years namely Florida, Georgia, Michigan, Nebraska, Ohio, Rhode Island, and South Carolina.
Massachusetts, despite being one of the most educated states in the county, with some of the best public and private schools, still doesn't have financial literacy requirements for high school students. Regardless of that fact, one of the most financially savvy cities in the United States is located in the Bay State.
Despite the lack of financial literacy education requirements in Massachusetts, the state itself is overall very financially savvy. In fact, its average credit score is one of the highest in the nation.
This is the Average Credit Score in Massachusetts
With household debt on the rise, fueled by inflation and record-high interest rates, the personal finance website WalletHub recently released its report on the States with the Highest and Lowest Credit Scores in 2023.
The average credit score in Massachusetts is 718, which ranks 4th highest in the U.S.
States with the Highest Average Credit Score in the U.S.
- Minnesota - 725
- New Hampshire - 722
- Vermont - 721
- Massachusetts - 718
- Wisconsin - 718