Using a bank is one element of being money savvy. Overall, we are not especially money savvy, says gobankingrates.com, a personal finance website.
In gobanking’s judgment of relative state money savviness (or not), New Mexico is in the group ranking from 31st to 40th. Criteria include using banks, saving and investing and a state’s financial education policies, such as requiring courses in high school.
The 2013 National Survey of Unbanked and Underbanked Households by the Federal Deposit Insurance Corporation was an important source for gobanking.
New Mexico’s 857,000 households are 10.9 percent what the jargon calls “unbanked,” without any bank account. That’s 42 percent more than the 7.7 percent of unbanked households nationally.
Another 22.5 percent were underbanked, that is, they had a bank account but used “alternative financial services” such as money orders, check cashing, remittances, payday loans, refund anticipation loans, rent-to-own services, pawn shop loans, or auto title loans. During the 30 days before being surveyed, 15.1 percent had used alternative financial services. Another 14.9 percent used such services during the past year.