Americans are putting off financial decisions until after the elections.
With the 2020 US presidential election coming in November, a new study looked into Americans’ financial situations to see how things have changed since President Trump’s inauguration in 2016. Financial advisory website Finance Buzz polled 1,200 Americans to get a grasp of how they feel about their financial futures, finding that 59% of American respondents felt their households are in the same financial position or worse than they were three years ago.
Twenty-six percent of respondents said they felt their financials were about the same as to where they were just three years ago.
Are Americans making more money today?
For just over half of Americans, their wages have increased from three years ago. In a study scaled from decreased significantly to increased significantly, here’s how Americans feel about where they stand with money in their pockets today:
- My earnings have increased significantly: 17%
- My earnings have increased slightly: 34%
- My earnings have stayed the same: 27%
- My earnings have decreased slightly: 7%
- My earnings have decreased significantly: 15%
While a quarter of Millennials feel that they will never be able or plan to retire, the rest of the nation is echoing that same sentiment.
Most respondents – more than 35% — revealed a troubling truth to today’s economic market – that they don’t have any form of retirement savings compared to three years ago. While 37% of respondents sad their retirement funds have increased since 2017, around 17% of respondents said their savings plan has remained the same.
- My retirement savings has increased: 14%
- My retirement savings has increased slightly: 23%
- My retirement savings have stayed the same: 17%
- My retirement savings have decreased slightly: 6%
- My retirement savings have decreased significantly: 4%
- I don’t have any retirement savings: 34%
How are we feeling?
While 41% of respondents said they felt they are better off as a household financially today than they were three years ago, not everyone is optimistic about the future.
With Americans future weighing in the balance, 47% of respondents said they felt somewhat optimistic about their family’s financial future, according to the survey. But combining that response with how many people felt very optimistic, 83% of respondents are feeling confident about their future.
In projecting where they’ll stand in the coming two years, more than half of American respondents said they felt they’ll have less debt than they do today.
The biggest worries and how that will persuade Americans
Before Americans hit the voting polls, most of the respondents said they are worried about a possible recession looming in the future.
And if there’s a future recession, Americans said they are worried most about price increases, while 26% said they are worried about layoffs and job losses during a recession.
But before any of this, Americans (67%) want to wait to see how the presidential election shakes out before making any financial decisions.
As for what they’d like to see their future leader fix, healthcare costs, taxes, and wage growth were the top three responses from those polled for the survey.
- Student loan debt: 22%
- Taxes: 41%
- Healthcare costs: 48%
- Job creation: 24%
- Wage growth: 32%
- None of the above: 21%
Experts at Finance Buzz suggested a few checkpoints before the election including paying down any debt, boosting your savings, staying consistent, updating your resume, and adapt by learning new skills.