Utahns feel steady about finances — even as household debt climbs

SALT LAKE CITY — Utahns appear to be in a similar financial situation to a year ago, according to Zions Bank's consumer sentiment index for last month, published in partnership with the University of Utah.

Utah's consumer sentiment dropped by 8.4% from September to October, 80.1 to 73.4.

The Beehive State's consumer sentiment remains higher than the national average, however.

A similar survey conducted by the University of Michigan reported that sentiment fell 2.7% among Americans as a whole during October.

Zions Bank publishes Utah's monthly consumer sentiment index in partnership with the University of Utah. The survey questions are identical to essential questions from the University of Michigan's national consumer sentiment survey, with additional questions specific to the state of Utah.

"Utah's consumer sentiment dropped more than the national average in October," Robert Spendlove, senior economist at Zions Bank, said in a press release. "However, over the past year, Utah's decline has been far less severe — 9% compared to a 24% drop nationally. Utahns continue to show stronger optimism about the economy than consumers across the country."

Questions used in the state survey were drawn from the national study, with the addition of Utah-specific questions to better understand how Utahns feel about the economy.

The following two questions were added for Utahns to answer:

• Regarding business conditions in Utah as a whole, do you think that during the next 12 months, we'll have good times financially or bad times?
• Looking ahead, which would you say is more likely, that in Utah we'll have continuous good times during the next five years or so, or that we will have periods of widespread unemployment or depression?

Utah residents, on average, appeared to feel fairly optimistic about their finances and the local economy, according to consumer sentiment. Yet a recent WalletHub report on the states with the highest household debt in the third quarter of 2025 indicates that Utah residents are increasing their borrowing.

Utah ranked fourth among states with the largest debt increases, with the average debt rising by $831 in the third quarter and the average household owing $245,268.

The top five states adding the most household debt:

1. Hawaii
2. California
3. Colorado
4. Utah
5. Washington

The top five states adding the least household debt:

1. Mississippi
2. West Virginia
3. Oklahoma
4. Kentucky
5. Arkansas

"A big increase in a state's average household debt can be a sign that residents are struggling financially. For example, inflation may be pushing people to borrow more just to afford necessities," WalletHub analyst Chip Lupo said, per the report. "However, residents of some states may be able to handle an increased debt load well, which is why it's important to also consider delinquency rates to see whether people have enough income and good enough budgeting skills to keep up with higher loan payments."

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