These Are Americans' Biggest Financial Worries Ahead of the 2024 Election [Survey]

With candidates for the 2024 election now settled, candidates (as well as Americans) are shifting focus to the issues ahead of November's 2024 Presidential race. Between America's place in the world economy to inflation, this election's results could impact Americans' bottom pocketbooks in the short term (issues like inflation and interest rates) and the long term (tax policy, recession fears).  

With the election heating up, we asked 1,000 U.S. adults how things have changed for them in the last four years, how they view their financial futures, and what financial issues they're most concerned about as they decide how to cast their votes.  

Key findings

• Inflation is the biggest financial worry among Democrats, Republicans, and Independents.
• Nearly 70% of voters are concerned about the potential for a recession in the next year.
• Less than 40% of people feel their household is better off financially today compared to the last election.
• 45% of Americans say they're putting off a major financial decisions until after the election.

How we're doing today versus four years ago

Before finding out what Americans care most about entering the election, we first wanted to collect our own State of the Union of how Americans are feeling financially. Overall, opinions are split about financial wellness since the Biden Administration took office in 2021.  

37% of respondents say their household is better off now financially than they were on inauguration day, while a slightly higher percentage (41%) say they’re worse off. A little more than one out of every five people (22%) say they are about the same.

All told, the majority of voters (63%) feel their financial fortunes haven’t improved since 2021.

Biggest financial worries entering the election

So what are Americans' financial concerns entering the election? Unsurprisingly, inflation was at the top of most respondents' lists.  

71% of Republicans, 58% of Independents, and 57% of Democrats listed inflation as one of their three biggest financial concerns ahead of the election. No other issue was named a top concern by even a third of voters, no matter the party. In total, 62% of respondents said inflation was a top financial concern entering the election. 

While inflation is what people are most unified on, there were plenty of other areas of overlap. Housing costs ranked #2 in terms of priority for Americans, followed by worries about a possible recession, healthcare costs, and elevated interest rates. While these seem like typical election-year financial issues, they represent a larger theme of collateral from rising costs in the U.S. and finding ways to bring prices down across the board. 

Of note, some issues tended to fall on party lines. For instance, Republicans disproportionately listed concerns like inflation, taxes, and the national deficit as top issues, while Democrats showed disproportionate worry about healthcare costs, interest rates, and debt, including student loan debt. 

Americans are holding off on making financial decisions until after the election

So how do these concerns actually affect consumer behavior? Like in other years, the unpredictability of an election is putting some voters in a holding pattern with their finances. 

Overall, 42% of voters we surveyed said they're waiting to make a big financial decision until after the election. With things like interest rates, student loan reform, and tax policy in the balance, these respondents feel it's better to see how things shake out before committing meaningful financial resources before November.

Recession worries

One reason voters may be worried about their finances going forward is the threat of a recession, which some experts have thought may be on the horizon for months.

The majority of people, regardless of their political party, fear a recession sometime in the next year. 69% of the population share that worry, though Republican voters are the most concerned. Four-fifths (82%) of the GOP are worried about a recession, while around two-thirds of Independents (68%) and Democrats (63%) are similarly concerned.

Looking ahead: How we feel about the future

While less than 40% of people report that the recent past has been beneficial for their family’s finances, most people are optimistic about their financial futures — no matter how they identify politically.

Democrats feel the most optimistic about financial futures, with 63% of self-identified Democrats stating they are somewhat, or very, optimistic about their finances. Just 19% of Democrats say they are somewhat or very pessimistic.

Independent voters and Republicans are not quite as cheery , but nearly half of both groups shared Democrats' optimism. Alternatively, a little less than 30% of both groups say they are somewhat, or very, pessimistic about their financial futures.

How the presidential election impacts financial decision-making

Knowing what kinds of money issues are weighing on the minds of different groups of voters as they head to the polls, we also wanted to see how much of an impact those groups think that the President can have on their household’s fortunes.

Republicans are most likely to say that who the President is affects their bottom line in a major way. More than one-third of Republicans (35%) say that the President has a significant impact on their household finances, while just about a quarter of Democrats and Independents feel the same way.

Advice from our expert

While our study gave good insight into voters’ feelings going into this election, we also had our own questions about the influence of various economic factors on voter turnout. To find out, we asked an expert to weigh in.

Darren W. Davis

Snyder Family Mission Endowed Professor of Political Science – Department of Political Science
University of Notre Dame

^{These answers have been lightly edited for clarity.}

Tips for managing your finances, regardless of who’s in office

• Save for retirement as soon as possible. Saving for retirement is a huge part of making sure you have what you need in the future. When you start early, you have more time for investments to pay off. But every bit you can save can be helpful, even if you’re getting off to a late start.
• Make your money work for you. Investing money can be a good way to make your money work for you and build wealth for your future. Our guide to the best investment apps can help you get started.
• Budget your money. When money is tight, budgeting is the most helpful strategy. Here are some of the best budgeting apps.

Methodology

FinanceBuzz surveyed 1,000 U.S. adults aged 18 or older using a survey platform. Respondents were asked to self-identify the political party they most closely identify with. 27% of respondents identified as Republicans, 31% as Independents, and 37% as Democrats.