Silicon Valley Citizens Top List Of Best Money Managers

CUPERTINO, CA -- Six out of the top 10 U.S. cities with citizens who manage money well are located in the lucrative tech economy of the Silicon Valley, WalletHub reported this week.

Topping the list is Cupertino with a 772 median credit score among its residents, along with low debt-to-income scores that use mortgages, credit cards and auto loans as factors to define big debt.

A 10-minute drive away, Saratoga comes in as No. 3 following Scarsdale, N.Y. At No. 4, Los Altos -with its well known estates -- edges out its South Bay cousins of Lexington, Mass. In slots No. 6, 7 and 8, Palo Alto, Mountain View and Sunnyvale join the upper echelons of a list established for a citizenry that has done well with wealth. Princeton, N.J. and McLean, Va., round out the top 10.

Money management is a life skill not often taught. It’s a skill that everyone should want to learn too, as it can bring about flawless credit and freedom from debt.

A survey of consumer financial literacy reflects a growing need for financial instruction in U.S. households. Only 55 percent of adults, for instance, give their knowledge of personal finance high marks. Just two in five maintain a budget and keep an eye on their spending.

It’s clear that some Americans are better than others at handling their finances. In order to determine where they live, WalletHub compared more than 2,500 cities based on 10 key indicators of money management. Our data set ranges from average credit score to average number of late payments to mortgage debt-to-income ratio. Read on for our findings and expert advice from a panel of researchers.