The old saying is that money is power. For many people, finances are about numbers. And many numbers out there that are related to finances are worrisome.
A list and trends were spelled out recently by Utah Treasurer Marlo Oaks as he kicked off the Women in the Money Conference in Midvale, hosted by the Utah Office of the State Treasurer and the Utah Financial Empowerment Coalition.
Women now tend to live longer and are more likely to outlive their assets. Women are more likely than men to teach children about money or care for elderly or disabled loved ones, often managing their finances. Over 40 percent of U.S. women are their household’s primary breadwinners. Women drive 70 percent to 80 percent of consumer spending. Inflation has pushed the costs of necessities higher, forcing many to choose between paying utility bills and buying groceries.
Fewer than half of Americans have enough savings to cover even a $1,000 emergency, like an unexpected medical bill or car repair. Nearly 40 percent of Americans have less than $5,000 saved for retirement, “and with inflation eroding the value of that savings, the future looks increasingly difficult and uncertain,” Oaks said.
Forty-two percent of retired Utah women have Social Security as the only source of retirement income, and expectations are that only 75 percent of promised benefits will be available by 2034. The average consumer debt in Utah is $236,000, above the national average and higher than 2023’s average of $138,000. Many Utahns are trapped in student loan debt, which has reached $1.8 trillion nationally, with women holding nearly two-thirds of that debt.
To confront those issues, the conference has been in place for a few years, and since 2008, Utah high school students have been required to take a financial literacy course, a requirement that’s now in place in 34 states.
“So, really, a generation of Utahns is growing up learning how to budget, use credit wisely, save and plan for the future,” Oaks said. “But we know the work doesn’t stop at graduation. Financial education is a lifelong pursuit because we are constantly having to deal with money.”
Based on pre-conference question submissions, Oaks said, Utah women at the event over the years “are very eager to learn and very bright and pick up these concepts very well. … The observation that our attendees are amazing supports an opinion I have long held: Utah women are among the best and brightest in the nation.”
Oaks encouraged attendees to mind not just their own finances but also leave a financial literacy legacy. “What financial habits are you passing down to your children? What security are you creating for your retirement years, and what examples are you setting for your neighbors, your friends and you co-workers?” he asked. “Financial empowerment isn’t just personal; it ripples beyond us.”
He noted that “financial empowerment isn’t about doing everything perfectly. It’s about doing the next right thing consistently. Small steps repeated over time compound into big change.”
During a panel discussion about financial issues facing women, Amanda Christensen, financial counselor and extension professor with Utah State University assigned as co-director of a financial wellness program, said women should have their savings account as a financial safety net but encouraged attendees to build wealth with “one”: one car payment or one mortgage payment, for example.
She also urged them to make a list of life events likely to happen in the next five years and plan accordingly, such as having a teenage driver, no more day care costs, or a major birthday or anniversary to celebrate. “Unexpected things will happen,” she said, “but don’t let expected life events sidetrack your path to financial wellness.”
Liz Blaylock, chief investigator at the Utah Division of Securities, said building wealth should include “shopping it out.” Reviewing and price-comparing investment firms, investment accounts and brokerages and their costs and fees will reveal the best way to start an account, she said.
“Start comparing prices and options just like you would any other consumer product,” Blaylock said. “You’re really good at doing this when it comes to buying some vacuum on Amazon. Apply that same methodology to picking your investment advisor.”
Kristina Connolly, executive director in the technology banking group at Wells Fargo, wants to see financial literacy instilled in people at a young age. It does not need to be part of a school curriculum but instead in occasional chats with girls, she said.
“It’s transparency in conversations, whether it’s your daughter or your niece or your neighbor or your cousin or your sister. Like, think about the 10-year-olds and the 15-year-olds in your life. Money is still very taboo to talk about, and I think the only people that benefit are the people in power, so large corporations or men have more power in finance. It doesn’t benefit women,” she said.
But women can talk frankly about their expenses, the cost of buying a house or renovating a bathroom, giving others a sense of what is affordable
or not.
“Financial power is freedom, so that gives them the opportunity to buy the house, to move to a different state, to not feel as though they’re stuck in a marriage that they don’t want to be in because their partner is the one making the money,” Connolly said.
“There are a bunch of different reasons why it’s important to have financial literacy and freedom, and I think the biggest way to overcome that is to just have more direct conversations and be more transparent about finances in general, and don’t let it be tepid.”