Michigan - 2016

Final Grade

Financial Knowledge

C

73.59%

Credit

B

85.34%

Savings and Spending

B+

87.21%

Retirement Readiness and Other Investing

C

75.41%

Protect and Insure

C-

70.49%

Financial Knowledge

Mean number of correct answers

C-

71.24%

Offered financial education and participated

D

66.75%

Levels of High School Financial Education

B

85%

Credit

General Credit

B

84.57%

Housing Credit

B-

80.81%

Auto Credit

C

73.46%

Credit Card

B

84.17%

Student Loan

C

74.78%

Other Credit

B

85.34%

General Credit

Vantage Scores

C+

77.14%

On Time Payers

B

83.44%

Prime Credit

B-

81.31%

Inclusion in Credit Economy

A

94.42%

Revolving Credit

C+

79.01%

Utilization

C+

78.18%

Bankruptcy

C

75.38%

Share Past Due

B+

88.96%

Debt Burden

B

83.57%

Highest Tier Credit

B

83.13%

Housing Credit

Loan to Value Ratios

D+

67.16%

Equity Rich

C-

70.73%

Homeownership Rates

A

95.31%

Mortgage Delinquency Rates

A

93.37%

Foreclosure Rates

A+

97.12%

Have a Mortgage

B

86.01%

High Cost to Homeowners

B-

81.11%

High Cost to Renters

D+

68.55%

Seriously Underwater Mortgages

C-

71.09%

Mortgage balance as a proportion of household income

A

96.29%

Auto Credit

Auto Loan as Portion of Household Income

A-

90.53%

Auto Loan Delinquencies

B-

82.75%

Percent of Auto Loans

B

86.02%

Impact of Auto Insurance Premiumes on Credit Scores

F

55%

Credit Card

Always Paid Credit Card Bills In Full

B

86.99%

Carried Balance on Credit Card with Interest Charged

B+

89.36%

Made only Minimum Monthly Payments on Credit Card

C+

79.31%

Credit Card Delinquencies

B

85.39%

Average Credit Card Balance as a Percent of Median Household Income

C+

78.55%

Student Loan

Graduates with Student Debt

C

76%

Average Debt Balance

D+

68.17%

Calculated monthly Payments Prior to Borrowing

A-

91.29%

Never Made a Late Payment on your Student Loan

B-

81.57%

Other Credit

Unpaid Medical Bills

C+

78.77%

Used Alternative Borrowing

C+

79.12%

Took a Loan from a Retirement Account

B

85.71%

Delinquency of Unsecured Personal Loans

A

94.51%

Balance of Unsecured Personal Loans as a Percent of Household Income

B+

88.61%

Savings and Spending

Spend less than Income

C+

79.56%

Does not have an emergency fund

C+

79.82%

Unbanked

B

86.43%

Underbanked

B

84.53%

Saving for Children's College

B

83.44%

Overdraws checking account occasionally

B

84.56%

Could come up with $2,000 in an emergency

C-

71.17%

Has a household budget

C

76.36%

Has Taken a Hardship Withdrawal from Retirement Account

B

83.5%

Retirement Readiness and Other Investing

Access to a Retirement Plan

B

85%

Take Up Rate of Retirement Plans

B-

80.8%

Tried to Figure Out how much needed for retirement

C+

79.56%

Amount of Income residents will be able to replace in retirement

B

83.44%

Percent of residents who count on social security for 90+ of their retirement income

A-

92%

Invests Outside of Retirement Accounts

D

64.56%

Protect and Insure

Percent without Health Insurance

B

85.19%

Average Face Amount of Life Insurance

C

75.47%

Uninsured Motorists

D

65.02%