USU UWLP Releases Research on Utah Women and Finances

Utah women are more involved than ever in the workforce, are more likely to be single, bear fewer children, and are older during major life events involving family. These factors all have the potential to impact their financial situations.

The Utah State University Utah Women & Leadership Project recently published a research report, “Women and Finances − What Utahns Need to Know: A 2025 Update.”

According to Susan Madsen, co-author of the report, director of the UWLP, and Karen Haight Huntsman Endowed Professor of Leadership in the USU Huntsman School of Business: “In the past decade, several factors have impacted Utah women and their finances, some of which are a continuation of trends over the past 75 years. Some include growth in women’s workforce participation, shifts in rates and ages for marriage and childbearing, and new factors, including the global pandemic and current economic challenges.”

The following includes critical information to help Utahns understand the relationship between Utah women and finances.

Women and Financial Literacy

Although changing circumstances show that women increasingly need to be financially literate and financially independent, women worldwide continue to score lower on financial literacy tests than men, a phenomenon known as the “financial literacy gender gap.” There is initial evidence that this is also true in Utah, despite a recent study showing that Utahns believe it is more important today for women to be competent and confident with money.

Childhood and Adolescence

Many parents avoid money talks with their kids. In fact, 76% would rather discuss the 2024 election than finances. These conversations are essential as they lay the foundation for future financial habits.

Utah was the first in the nation to implement a general financial literacy course for young students. Yet, over six of the past eight years, boys have had higher passing rates, with an average score of 1.51% higher than girls.

Since female students continue to underperform in this area, action is needed to improve financial literacy among Utah girls.

Young Adult and Adulthood

In Utah, 50% of female undergrads have considered leaving school, citing financial stress as the top reason. Student debt also affects women more than men: women hold 64% of U.S. student loan debt and take two years longer to repay it than men.

The impact of the gender pay gap and other challenges immediately makes it harder for women to pay off these loans, despite the rising participation of women in the labor force.

In 2023, Utah women’s labor force participation (ages 16+) was 63.7% compared to 62.5% in 2022, 61.1% in 2021, 62.6% in 2019, and 60.6% in 2018 (2020 data are not available). In addition, Utah women are far more likely than U.S. women to work part-time (36.4% compared to 28.7%, respectively).

Retirement and Senior Years

Utah women’s financial well-being in retirement is influenced by longer life expectancies. Because women tend to live longer than men, their likelihood of experiencing widowhood and living alone in their senior years is increased. This contributes to higher poverty rates among senior women, who face lower lifetime earnings and fewer retirement savings.

Madsen said that preparing children, especially girls, to be financially competent is crucial for their success. This can begin with open, frequent money conversations at home and parents paying children equally for chores and allowances to promote gender pay equality.

“From childhood to retirement, women’s and girls’ financial confidence is critical,” she said. “To close the gender financial gaps in Utah, women need increased opportunities for financial literacy, pay equity, and a fair distribution of unpaid labor. By doing so, we can prepare future generations, especially women and girls, for success.”

Robyn Blackburn, research fellow for the Utah Women & Leadership Project, co-authored the report.

The “A Bolder Way Forward” initiative includes an area of focus working to bring more education for financial literacy and to address other financial inequalities in Utah. For more information, visit the UWLP website atutwomen.org. The UWLP is also affiliated with USU Extension.