CFED Scorecard

Financial Assets & Income

Outcome Measures

Income Poverty Rate

Asset Poverty Rate

Asset Poverty by Race

Asset Poverty by Gender

Asset Poverty by Family Structure

Liquid Asset Poverty Rate

Liquid Asset Poverty by Race

Liquid Asset Poverty by Gender

Liquid Asset Poverty by Family Structure

Extreme Asset Poverty Rate

Net Worth

Net Worth by Race

Net Worth by Income

Net Worth by Gender

Net Worth by Family Structure

Unbanked Households

Underbanked Households

Households with Savings Accounts

Consumers with Subprime Credit

Borrowers 90+ Days Overdue

Average Credit Card Debt

Bankruptcy Rate

Policy Priorities

Tax Credits for Working Families

State IDA Program Support

Lifting Asset Limits in Public Benefit Programs

Protections from Predatory Short-Term Loans

Additional Policies

Income Tax Threshold

Tax Burden by Income

Prize-Linked Savings

Paperless Payday

Trend Indicators

Change in Net Worth

Change in Asset Poverty

Change in Liquid Asset Poverty

Change in Consumers with Subprime Credit

Change in Average Credit Card Debt

Businesses & Jobs

Housing & Homeownership

Health Care

Education

CFED Assets & Opportunity Scorecard

Utah

Reports & Graphics

CONNECT TO
STAKEHOLDERS
IN UTAH

 

Lead State Organization

Utah Asset and Opportunity Network

 

Lead Local Organization

This state doesn’t have a Lead Local Organization.

 

Click here to learn how to join the Network.

 

WHAT UTAH CAN DO

There are many policies that Utah could enact to improve its climate for asset building and preservation:

Increase Incomes and Help Residents Build Assets: To address low average annual pay, Utah should increase the state’s minimum wage and enact a state Earned Income Tax Credit. To reduce the asset poverty and liquid asset poverty rates, Utah should continue to support and expand the state Individual Development Account program, and remove disincentives to save for very low-income families by lifting the asset tests in public benefit programs.

Improve Access to Health Insurance: To reduce the high uninsured rate for people of color and low-income children, Utah should increase the income threshold for parents who apply for public health care, cover childless adults and implement procedures that facilitate enrollment and renewal of coverage in CHIP and Medicaid.

Protect Consumers: To protect unbanked households from predatory financial products, Utah should prohibit or impose a cap of 36% APR on payday, auto-title and short-term installment loans.

Overall Rank: 12

Outcome Rankings

Issue Area Rank: 17 | Grade: B

Outcome Measure State Data US Data Rank
Income Poverty Rate 12.7% 14.6% 18
Asset Poverty Rate 23.1% 26.0%
Asset Poverty by Race 2.1 x higher
for HHs
of color
Asset Poverty by Gender 1.1 x higher
for single women
Asset Poverty by Family Structure 2.2 x higher
for 1-parent HHs
Liquid Asset Poverty Rate 33.1% ** 43.9% N.R.
Liquid Asset Poverty by Race 1.8 x higher
for HHs
of color
Liquid Asset Poverty by Gender 1.09 x higher
for single women
Liquid Asset Poverty by Family Structure 1.9 x higher
for 1-parent HHs
Extreme Asset Poverty Rate 14.9% 17.5%
Net Worth $103,284 * $68,948
Net Worth by Race 10.3 x higher
for white HHs
Net Worth by Income 68 x higher
for top 20%
Net Worth by Gender 1.18 x higher
for single men
Net Worth by Family Structure 22 x higher
for 2-parent HHs
Unbanked Households 2.8% 8.2% 2
Underbanked Households 21.0% 20.1% 34
Households with Savings Accounts 83.7% 69.2% 3
Consumers with Subprime Credit 50.8% 56.4% 15
Borrowers 90+ Days Overdue 3.18% 4.33% 9
Average Credit Card Debt $9,860 $10,736 24
Bankruptcy Rate (per 1,000 people) 6.3 4.4 47
   
Additional Policies
Income Tax Threshold — $20,000
Tax Burden by Income — The poorest 20% of families pay 1.9 times more of their income in taxes than the top 1% of families
Prize-Linked Savings — Prize-linked savings not allowed
Paperless Payday — Paperless payday permitted

Footnotes

"—" Not Available. Data or ranks are not available because insufficient or unreliable data exist for the state.

** Indicates that estimate is unable to be ranked because the ranks are too closely clustered to say with confidence how the state compares to other states.

* Indicates that the margin of error is greater than 25% of the estimate, and as such, this estimate is too imprecise to rank. Caution should be used when using this data.

Outcome Rankings

Issue Area Rank: 16 | Grade: B

Outcome Measure State Data US Data Rank
Microenterprise Ownership Rate 16.7% 16.7% 17
Small Business Ownership Rate 1.37% 1.34% 32
Business Ownership by Race 2.4 x higher
for white workers
1.5 x higher
for white workers
47
Business Ownership by Gender 1.2 x higher
for men
1.3 x higher
for men
11
Business Value by Race 2.1 x higher
for white bus. owners
2.6 x higher
for white bus. owners
13
Business Value by Gender 2.4 x higher
for men
2.6 x higher
for men
12
Business Creation Rate (per 1,000 workers) 13.0 9.2 8
Private Loans to Small Business $1,178 $1,148 23
Unemployment Rate 7.0% 8.9% 12
Unemployment by Race 1.2 x higher
for people
of color
1.7 x higher
for people
of color
2
Underemployment Rate 13.3% 15.9% 14
Low-Wage Jobs 21.3% 21.5% 25
Average Annual Pay $42,133 $48,043 42
Retirement Plan Participation 41.7% 44.6% 42
Employers Offering Health Insurance 44.0% 51.0% 44
   

Policy Ratings

Policy Priorities
0.25 State Support for Microenterprise
0 Job Quality Standards
Additional Policies
Unemployment Benefit Level — 41.5% of average weekly wage
Unemployment Benefit Eligibility — Uses alternative base period; Part-time workers not covered; No benefits for compelling family reasons
Incentives for Employee Ownership — No state policy
Loans for Beginning Farmers — No state policy

Footnotes

"—" Not Available. Data or ranks are not available because insufficient or unreliable data exist for the state.

Outcome Rankings

Issue Area Rank: 17 | Grade: B

Outcome Measure State Data US Data Rank
Homeownership Rate 69.4% 64.6% 14
Homeownership by Race 1.5 x higher
for white HHs
1.6 x higher
for white HHs
25
Homeownership by Income 2.4 x higher
for top 20%
2.2 x higher
for top 20%
39
Homeownership by Gender 1.1 x higher
for single women
1.01 x higher
for single women
Homeownership by Family Structure 1.7 x higher
for 2-parent HHs
1.9 x higher
for 2-parent HHs
7
Foreclosure Rate 2.20% 4.27% 14
Delinquent Mortgage Loans 2.81% 3.04% 29
High-Cost Mortgage Loans 1.00% 2.47% 11
Affordability of Homes (value/income) 3.7 x higher than median income 3.4 x higher than median income 32
Housing Cost Burden - Homeowners 34.3% 36.9% 26
Housing Cost Burden - Renters 51.2% 53.4% 21
   
Additional Policies
Housing Trust Funds — Has statewide housing trust fund
Preservation of Affordable Rental Housing — 11.1% of LIHTC for preservation
Tenant Protections from Foreclosure — Has protections beyond federal law
Property Tax Relief — Circuit breaker for homeowners and renters who are elderly; No tax deferment
Resident Ownership of Manufactured Housing Communities — No protections for homeowners

Footnotes

"—" Not Available. Data or ranks are not available because insufficient or unreliable data exist for the state.

Outcome Rankings

Issue Area Rank: 39 | Grade: D

Outcome Measure State Data US Data Rank
Uninsured Rate 16.7% 17.3% 30
Uninsured by Race 2.6 x higher
for people
of color
2 x higher
for people
of color
48
Uninsured by Income 3.8 x higher
for poorest 20%
3.5 x higher
for poorest 20%
33
Uninsured by Gender 1.2 x higher
for men
1.2 x higher
for men
25
Uninsured Low-Income Children 17.1% 10.7% 48
Uninsured Low-Income Parents 34.0% 34.5% 27
Employer-Provided Insurance Coverage 65.0% 57.4% 11
Employee Share of Premium 26.4% 26.4% 25
Out-of-Pocket Medical Expenses 16.2%
   

Policy Ratings

Policy Priorities
0 Access to Health Insurance
Additional Policies
Expanded COBRA Coverage — COBRA expansion for 12 months
Healthcare Information Databases — Has database

Footnotes

"—" Not Available. Data or ranks are not available because insufficient or unreliable data exist for the state.

Outcome Rankings

Issue Area Rank: 7 | Grade: A

Outcome Measure State Data US Data Rank
Early Childhood Education Enrollment 10.0% 28.2% 49
Math Proficiency - 8th Grade 34.9% 34.7% 24
Reading Proficiency - 8th Grade 35.4% 33.5% 18
High School Degree 90.3% 85.9% 14
Two-Year College Degree 39.0% 36.3% 16
Four-Year College Degree 29.7% 28.5% 17
Four-Year Degree by Race 1.9 x higher
for white adults
1.6 x higher
for white adults
41
Four-Year Degree by Income 3.1 x higher
for top 20%
4.6 x higher
for top 20%
3
Four-Year Degree by Gender 1.21 x higher
for men
1.01 x higher
for men
Average College Graduate Debt $17,227 $26,600 1
College Graduates with Debt 45% 66% 3
Student Loan Default Rate 10.1% 13.4% 14
   
Additional Policies
State-Funded Head Start — No state supplement
Quality of State Pre-K Programs — No established state program
Kindergarten Standards — Half Day Kindergarten; no standards; no certificates or training required for teachers
State Financial Aid for Postsecondary Education — $55 per student; 42% need-based
TANF-Funded Workforce Training — 1.86% of funds spent on training
WIA-Funded Workforce Training — 7.3% of participants received training

Footnotes

"—" Not Available. Data or ranks are not available because insufficient or unreliable data exist for the state.

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