February 19, 2014

Cover Story

CEO of the Year

Utah’s business landscape is rich with professionals who have le...Read More

Featured Articles

Did you go Skiing this winter?

Around Utah

Sections

Spotlight
Martin Plaehn

Spotlight
Karen Sendelback

Legal Briefs
Social Media and Employers: Friends or Enemies?

Money Talk
The Case for HSAs

Economic Insight
Time to Show Up

Lessons Learned
Make a Move

TechKnowledge
In the Lab

EntrepreneurEdge
Rent to Own

Business Trends
Back from the Dead

Executive Living
Artful Inspiration

Features
A Breath of Fresh Air

Features
Worst-Case Scenario

Regional Report
Northern Utah

Focus
Measure Up

Industry Outlook
Travel & Tourism

Players
Players

Article

Survey Shows Most Salt Lake Area Residents Don't Feel Financially Healthy

Press Release

February 19, 2014

Salt Lake City – A new survey from Wells Fargo of adults in the Salt Lake, Summit and Davis counties, found that 66 percent feel they are either in good or great shape physically, but fewer than half reported being financially healthy.

The online survey conducted late last year of 300 adults ages 25 to 75 found that only 40 percent feel they are in good or great financial shape to retire comfortably, and 44 percent said they have enough savings set aside for emergencies.

Similarly, only 43 percent of households with children feel they are in good or great financial shape to cover their children’s educational expenses.

 “Our survey showed that two of the biggest obstacles to getting financially fit are not knowing the best approach, and sticking to a savings plan. With that in mind, we have several tips to help people get started,” said Susan Mayo, Wells Fargo Regional Director, The Private Bank in Salt Lake City.

Six Tips to Financial Fitness

  1. Know your goal: Create a financial plan by determining, setting and following your goals. Talk to your banker or financial advisor about how to create one.
  2. Budget your money: Create a budget of your monthly income and expenses and stick to it. Speak to your banker or check your bank’s web site for advice and tools about how to track spending and monitor your progress toward your savings goals.
  3. Review expenses: Review your expenses monthly and reduce unnecessary ones. Repeat the process monthly and cut back where you can.
  4. Start saving: No matter your age, now is the time to start saving for your retirement. Take advantage of any retirement savings plan your employer offers. Many employers offer a match – if you don’t contribute, you are essentially leaving free money on the table. 401(k), 403(b), or 457 plans are simple and convenient. The money is automatically withdrawn from your paycheck, allowing you to save, not spend.
  5. Understand credit: Whether you’re considering purchasing a home or a new car, ask your banker about what lenders look for when reviewing a loan application. Find out how to improve your credit score to increase your chances of borrowing money at an affordable interest rate.
  6. Pay down debt: Have credit card debt? Always pay at least your minimum monthly payment. By paying more than the minimum – or better yet the full balance each month. This will reduce the finance charges you may incur. Be sure not to skip any payments.
Utah Business Social
UB Events View All
Health Care HeroesUtah Business Event
Oct 21, 2014
Please join us, along with our sponsors, MountainStar Healthcare, and Roseman University in honor...
Content Marketing BootcampUtah Business Event
Oct 28, 2014
Please join Utah Business Magazine and Adobe, along with our other sponsors: Boostability, Right ...
Sustainable Business Awards 2014Utah Business Event
Nov 13, 2014
Utah Business magazine along with presenting sponsor Big D Construction, is pleased to announce t...
Community Events View All
Leadership Excellence Course
Oct 1, 2014
Leadership Excellence Course coming to Salt Lake City. Course graduates qualify for continuing ed...
BOMA Fall Education Summit
Oct 2, 2014
We are excited to host our first annual Education Summit. This year, we have twelve (12) session...

info@utahbusiness.com  |  90 South 400 West, Ste 650 Salt Lake City, Utah 84101   |  (801) 568-0114

Advertise with Utah Business

Submit an Event

* indicates required information
* Event Name:
Price (general):
Website (if applicable):
Coordinator's Name:
Coordinator's Email:
Coordinator's Phone:
Venue Name:
Venue Address:
Venue City:
Venue Zip:
Event Capacity:
Date(s):
to
* Event Description:
  Cancel