Atlanta Jobs category interest

As the 2024 U.S. presidential election approaches, half of Americans believe the outcome will significantly affect their finances.

A recent survey by financial planning firm Empower showed that one out of every two Americans said the election outcome will influence their wallets and nearly a quarter believe the winner will determine whether or not they're rich.

As high inflation and borrowing costs have burdened many households, the economy and inflation have been key topics in this election. According to a poll from the Pew Research Center earlier this month, 81% of voters said the economy will be an important factor in how they vote for the president.

The Next President Will Affect What I Can Afford and Save

Roughly 42% of the Empower survey respondents believe they will tangibly see the amount of money they have either increase or decrease depending on who wins the election.

One-third say their ability to spend, save, and invest will shrink or increase. Even more, 41% said depending on who the next president is, they will add more money to their emergency savings.

A slowing job market and increasing housing prices have troubled Americans over the past year. Many have said they worry about whether or not their income, or lack thereof, will allow them to buy a home. However, 33% said the next president will make it more affordable to buy a home. In addition, 57% believe the winner will affect the job market.

The Election Outcome Will Affect My Investments

Nearly a third believe the next president will impact their retirement timeline and financial security.

Although many believe the next president will affect their retirement, voters are mixed about how the presidential election outcome will do that. More than one-fourth said the outcome would make it so they would never be able to retire, but 29% said they'd have more money in their retirement fund.

As for the current state of the stock market, more than half agree that the uncertainty of the election impacts the market. Depending on the election's outcome, almost one-fourth will invest more in the stock market or change their asset allocation.