Utah Saves is a statewide coalition of nonprofit, corporate and government groups helping individuals and families save and build wealth.  Through information, advice, and encouragement, Utah Saves assists people who wish to pay down debt, build an emergency fund, afford a home, education, investments, or retirement in order to improve their standard of living and most important, gain peace of mind.

Modeled after the nationwide campaign, America Saves, Utah Saves arose out of the need to help Utahns deal with social and economic challenges.  The financial challenges faced by families touch every aspect of their lives.  Thirty-five percent of Utah renters and 29 percent of Utah homeowners are paying more than they can afford for their housing (i.e. more than 30 percent of household income).  Nearly 35 percent of Utah school children qualify for free or reduced-price school meals, Utah currently ranks third in the nation for the incidence of hunger, and nearly 200,000 Utahns are without health insurance. Beyond poverty and homelessness, poor financial habits can lead to poor health, domestic violence, troubled youth, and the breakdown of families and neighborhoods.  There are many indicators of financial hardship in Utah including:

• High bankruptcy rates (2004 Utah ranked 1st in the nation for households per filing with 1 in 36 households filing bankruptcy while nationally 1 in 73 households filed)
• High mortgage foreclosure rates (Utah is consistently in the top 10)
• Alarming trends in debt accumulation – total revolving debt (mostly credit card) increased by 570% between 1981 and 2000
• Nearly the lowest per capita income
• Higher than average housing and living costs
• Highest household size and dependency ratio for pre-school and school-age children

Many believe that low-and moderate-income families cannot afford to save and build wealth.  Yet, research shows that there are “savers” and there are “spenders” in all income classes.  While those with modest incomes cannot saves as much as the affluent, almost all have the ability to build wealth over time.  Through contributions to a workplace retirement program, a home purchase, and other savings, during their working years most people can accumulate six-figure assets.  The goal of Utah Saves is to convince all Utahns that they can build wealth, reduce debt, and create lifelong financial security and provide support services to assist them in doing so.