Also, 37 percent of Native American households have used a higher cost, non-bank method to borrow money, such as a high-interest payday loan, within the last five years.

“While financial literacy is not the only indicator of financial wellness, this report reveals stark contrasts among different ethnic groups, with Native Americans, Hispanics and African-Americans trailing national averages,” said FINRA Foundation President Gerri Walsh. “Over time, effective financial education programs, coupled with access to affordable financial products and continued economic growth, could improve the financial capability of Native peoples.''

According to a 2013 report from the Bureau of Indian Affairs, nearly 35 percent of Native Americans in Montana live in poverty, lower than only the Native populations in North and South Dakota and much higher than the U.S. average of about 23 percent.

For the 2010 Census, the official definition of living in poverty meant having a household income of $14,570 or less for a family of two or $22,050 for a family of four. According to the Montana Department of Labor and Industry, the unemployment rate on some of Montana's reservations is twice or three times as high as the statewide average of about 4 percent.