(BPT) - Beyond the U.S. economy, one in two Americans believe the outcome of the 2024 Presidential election will directly impact their own personal finances, according to new research from Empower, a …
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(BPT) - Beyond the U.S. economy, one in two Americans believe the outcome of the 2024 Presidential election will directly impact their own personal finances, according to new research from Empower, a leader in financial planning, investing, and advice. In fact, a quarter (24%) say that the winner of the election helps determine “whether I’m rich or not” — a belief more firmly held by the Middle Class — reaching 27% for those with an income $50k-$100k, compared to 22% for those making under $50k; and 23% for people with incomes greater than $100k.
Americans can count the ways they’re invested in this year’s election, with 42% saying the amount of money they have will be tangibly more or less depending on who wins. One third (33%) say their “Wallet Power” — or their overall ability to spend, save, and invest — will either shrink (33%) or increase (31%). More than a third (34%) believe the Presidential election is a major predictor of their retirement timeline and financial security, with 30% saying the winner will impact those plans, causing them to work longer, or have a shorter retirement (40% Gen Z, 39% Millennials).
“The adage is that ‘all politics is local’ — and when it comes to money, it hits very close to home, with many Americans seeing a direct link between their own prosperity and the highest office in the land,” says Rebecca Rickert, head of communications at Empower. “From their retirement timeline to their account balances, people feel there is a lot riding on the outcome of the election in terms of their own financial happiness.”
Chief among the issues at stake, many Americans (42%) believe the winner of the Presidential election will get inflation and prices under control, making things more affordable (47% men, 38% women) at a time when many Americans say they’re feeling “The Big Shrink.” One third (33%) say the winner of the Presidential election will make it easier to reach their personal financial goals, such as the 33% who say the victor will make it more affordable to buy a home (42% Millennials).
The money moves on the ballot
People say they’ll make concrete money moves based on who wins: 41% will add more money to their emergency savings, save more cash (41% overall, 48% Millennials), and be more frugal with their spending (45%).
More Americans say they are closely following the 2024 Presidential race than the stock market (67% vs. 33%), and half (53%) agree that uncertainty about the outcome of the Presidential election impacts the markets. One in four (23%) will invest more in the stock market based on the outcome of the Presidential election (32% Millennials) or change their asset allocation (34% Millennials). Nearly 1 in 5 (18%) plan to take more drastic measures, and say they will withdraw their money/liquidate their investments (27% Millennials).
More findings:
Visit The Currency™ to read Empower’s full research report, “The Ticket: Money and Politics.”
*ABOUT THE STUDY
Empower’s “The Ticket: Money and Politics” study is based on online survey responses from 2,200 Americans ages 18+ fielded by Morning Consult between July 22-24, 2024. The survey is weighted to be nationally representative of U.S. adults (aged 18+).
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