A new study that looked at where the country's biggest savers live indicated that a higher income leads to more savings.
The study by SmartAsset found that in Utah, Summit County led the way, where residents saved an average $3,867 per year. Summit ranked ahead of Morgan, Wasatch, Salt Lake and Davis counties.
Residents in Summit County, where Park City is located, had an average income of $98,128, which was more than double for residents in Morgan, Wasatch, Salt Lake and Davis, according to the report.
The average Utah income rests at $40,193.
Utah County, which includes Provo, Orem and Alpine, did not rank within the top 10 of the list.
The study compared spending, income, taxes and savings rates to find its numbers. Using data from the Bureau of Economic Analysis, the study calculated savings by finding an average income, applying the local tax rates and then accounting for consumer spending. The leftover number revealed how money people in those counties saved.
The study also revealed cities in the country with the highest savings rates. Teton, Wyoming, topped the entire list with $31,396 in savings.
Fairfield, Connecticut ($14,070); Marin, California ($13,842); San Francisco ($13,287); and San Mateo, California ($12,163), rounded out the top five nationally.
Once again, residents with higher income topped the list. Teton residents earn $194,861 on average, which is about $88,000 higher than Fairfield's average income of $106,382.
In fact, the top seven cities had average incomes between $132,000 and $195,000. The eighth city on the list, Shackelford, Texas, has an average income of $58,665, according to the report.
The nationwide average income sits at $48,980, the report said.5 comments on this story
No Utah cities finished in the top 10 nationwide.
A WalletHub report from this year ranked Utah as the 16th-most financially savvy state in the country, ranking ahead of Hawaii, Pennsylvania and Michigan.
Massachusetts topped that list, ranking ahead of New England neighbors New Hampshire and Connecticut, as well as Minnesota and New Jersey.
Utah had the ninth-highest number in the “savings” category in the WalletHub report.
WalletHub ranked each state based on debt and spending, financial literacy, credit report numbers and savings.