As the 2024 U.S. presidential race nears, a new study from financial planning company Empower reveals that 50% of Americans believe the result will substantially impact their financial wellbeing. One in two citizens expressed that the election determination will sway their financial circumstances, and approximately 25% think the victor could shape their wealth status.
High inflation and escalating borrowing expenses have affected several families, making the economy and inflation high on this election's agenda. A recent Pew Research Center poll highlighted that an overwhelming 81% of voters deem the economy to be a pivotal factor in deciding their presidential vote.
Around 42% of the participants in Empower's study anticipate their money supply to visibly rise or fall based on the election’s outcome. One-third predict their spending, saving, and investment capacities could potentially increase or decrease. Additionally, 41% conveyed that they would augment their emergency savings based on who becomes the next U.S. president.
Job market deterioration and surging housing prices over the previous year have been worrisome for many Americans concerned about affording a home with their current or non-existent income. However, 33% believe that the impending president will make home buying more cost-effective while 57% foresee their election to affect the job market.
Close to one-third are convinced that the next U.S. president will influence their retirement plans and financial stability. While voters differ about how the presidential election end result will affect this, more than a quarter think the outcome might potentially impede their retirement plans, while 29% anticipate a larger retirement fund.
Over half of those surveyed feel the election uncertainty affects the stock market. Depending on the election result, about one in four plan to enhance their stock market investments or modify their asset distribution.