Most Americans anticipate personal financial decline if their preferred candidate loses

WASHINGTON, D.C., September 24, 2024 — As the November election looms, Americans are bracing for potential financial challenges and taking proactive steps to safeguard their financial well-being, according to Americans’ Financial Outlook and the 2024 Election, the latest CFP Board research report.

The study found that nearly 4 in 5 Americans expect their personal finances to decline if their preferred candidate loses the presidential race. Despite this widespread concern, public sentiment is more nuanced. While nearly half of Americans (45%) feel anxious about the upcoming election, most remain optimistic about its potential to benefit the U.S. economy (58%) and their personal financial well-being (51%).

“In times of uncertainty, sound financial advice is more important than ever,” said CFP Board CEO Kevin R. Keller, CAE. “Working with a CFP^® professional can help people make informed decisions, protect their finances and stay on track to achieve their long-term goals — regardless of the election’s outcome.”

Financial issues impact voting decisions

Financial issues are impacting Americans’ voting decisions, with a resounding 92% agreeing that cost of living and inflation are important considerations when choosing a candidate. Personal income growth (85%), tax policies (82%), housing costs (82%) and interest rates (81%) are also key issues. In addition, at least 3 in 4 Americans consider the long-term viability of Social Security (80%) and Medicare (76%) when choosing a candidate.

While half of Americans anticipate feeling less financially secure if their preferred candidate loses the November election, specific concerns vary across party lines. According to the research, Republicans are more concerned about financial challenges like higher taxes (47%, compared to 34% of Democrats and 33% of independents) and greater difficulty paying bills (43%, compared to 33% of Democrats and 30% of independents) if their candidate loses. Meanwhile, Democrats are more focused on potential increases in healthcare costs (36%, compared to 27% of Republicans and 28% of independents).

Election uncertainty prompts Americans to save more

In anticipation of the election, Americans are increasing savings (37%), decreasing spending (34%) and looking for additional sources of income (24%). In addition, more than 3 in 5 Americans (63%) are deferring financial decisions until after the November election, about a quarter (26%) are putting off taking a vacation and roughly 1 in 5 are holding off on buying a car (21%) or home (20%).

“The upcoming election is causing many Americans to reassess their financial strategies, with a significant number choosing to delay major decisions until the results are known,” said Kevin Roth, Ph.D., Managing Director of Research at CFP Board. “This cautious approach highlights the importance of working with a CFP^® professional who can provide objective advice and help clients navigate political and economic uncertainties, ensuring that they remain focused on their long-term financial security.”