Income - Why it Matters
Why it Matters
In times of financial crisis, the effects on a family and the community are far reaching. Utah has the highest bankruptcy rate in the nation, and the number of uninsured Utah County residents is on the rise. Issues like these affect each one of us as members of the community, and affect our local economy as well. And financial instability tends to increase the effects of other issues, such as children’s performance in school, the capability to obtain proper healthcare and the ability to provide for basic needs.
As our community unites to help increase the financial self-sufficiency of families in Utah County, we will be building a stronger community and helping to alleviate many of the other issues members of our community are facing.
Utah County Facts
- 12.9 % of Utah County families with children live in poverty.
- Utah has the second highest mortgage foreclosure rate in the nation.
- Utah ranks #1 in the nation for bankruptcies, twice the national average.
- The United States saving rate is -.5%, a decrease from 12.5% in 1981.
- 27% of Utah County families with mortgages spend more than 35% of their income on housing.
- 48% or 6,251 students in the Provo School District qualify for free or reduced lunch.
- 42% of United States households recently had $1,000 or less in all combined accounts.
- Total revolving debt (mostly credit card) increased by 570% between 1981 and 2000 in the United States.
