Document Type

Article

Journal/Book Title/Conference

Utah Women Stats Research Snapshot

Volume

57

Publisher

Utah Women & Leadership Project

Publication Date

5-1-2025

First Page

1

Last Page

6

Abstract

The history of Utah women and finances shows how various policies, societal beliefs, and behaviors impact the financial standing of women in the state. Upon the arrival of pioneers from The Church of Jesus Christ of Latter-day Saints to the Salt Lake Valley in the 19th century, 41 women were allocated lots during the initial distribution of the land, including single, widowed, and “head of household” women whose husbands were away.1 Interestingly, around the same time, the Oregon Donation Act of 1850 incentivized female migration to the West by allowing women land ownership rights. Additional federal land laws, such as the Homestead Act of 1862 and the Townsite Act of 1867, opened the way for women to make claim to property for those who were “heads of families,” and in 1868 these federal land laws were extended to Utah. Then in 1872, the Married Person’s Property Act gave Utah women control of their property.2

In the 20th century, women gained several rights concerning financial matters. In 1963, the passage of the Equal Pay Act prohibited gender-based pay discrepancies, and, with the passage of the Equal Credit Opportunity Act3 in 1974, US and Utah women gained the right to have their own bank accounts, apply for credit, and commit to sign a mortgage without a male co-signer. These milestones allowed women to gain more financial independence and take more control of their finances.

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—such as growth in women’s workforce participation and shifts in rates and ages for marriage and childbearing—alongside others that are new, such as a global pandemic.4 Since 1950, Utah women have increased their labor force participation from 24.5% to 60.7%.5 Post-pandemic, the employment rate of US women ages 25–54 recovered faster than that of men.6 The total fertility rate continues to drop in Utah (3.3 in 1970 to 1.85 in 2022), and the percentage of married women continues to drop as well (62.9% in 1970 to 54.8% in 2023).7 The median age at first marriage continues to increase in Utah (20.0 years in 1970 and 25.2 in 2023), as does the average age of mother at first birth (21.4 years in 1970 and 25.9 in 2020).8 In sum, Utah women are more involved than ever in the workforce, are more likely to be single, are bearing fewer children, and are older during major life events involving family—all factors that may impact their financial situations.

This research snapshot focuses on the changes that have occurred since the release of the UWLP 2020 report, as well as three broad stages within women’s lives and the financial considerations they encounter during those stages:

  1. The current status of women and financial literacy;
  2. The impact of the COVID-19 pandemic (unemployment and outlook on the future);
  3. Childhood and adolescence (family attitudes, behaviors, and conversations around money; financial education in the home and at school; first jobs; and planning for college);
  4. Young adult years through adulthood (finances during college, student loans, labor force participation, and unpaid labor); and
  5. Retirement and senior years (marital status/living situation, financial decision making and challenges).

Download

Included in

Business Commons

Share

COinS