With total American credit card debt surpassing $1 trillion for the first time in 2018 and only two in five adults having a budget, it's clear that better financial education is necessary.

However, these problems aren't as pronounced in every state. A new WalletHub study looks at which states' residents are the most financially literate.

In order to do this, WalletHub analyzed financial education programs and consumer habits — combined with the results of WalletHub's proprietary WalletLiteracy Survey — in each of the 50 states and the District of Columbia.

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