Skip to content

Financial Security

Financial security refers to the peace of mind you feel when you aren't worried about your income being enough to cover your expenses. It also means that you have enough money saved to cover emergencies and your future financial goals.

Older adults exhibit wide disparities in their sources of income. For those in the bottom half of the income distribution, Social Security is the most important source of support; program changes would directly affect their well-being. Income from private pensions, assets, and earnings are relatively more important for higher-income elderly individuals, who have more diverse income sources. The trend from private sector defined benefit to defined contribution pension plans has shifted responsibility for retirement security to individuals. A significant subset of the population is unlikely to be able to sustain their standard of living in retirement without higher pre-retirement saving (Poterba, 2014).

UCOA Policy Position:

Every Utahn will have access to educational materials and resources to learn about strategies and programs to build, manage, and preserve their assets to achieve financial security.



Research and Education


Public Policy

For people to enjoy economic security as they age, they need a strong Social Security system and better opportunities to build savings throughout their lives and to work as long as they desire and are able. Freedom from discrimination and a strong social safety net are essential (AARP, 2021).

Last Updated: 2/14/24