The outcome of November’s presidential election may hinge on which candidate Americans believe is capable of improving the economy. According to a new survey by Aviva USA, Democrats are more optimistic about the country’s and their own financial future than Republicans.
People identifying themselves as Democrats are twice as likely as Republicans to anticipate the U.S. economy will improve. When asked how they expect America’s general economic situation to develop over the next 12 months, the survey revealed:
- 33 percent of Democrats expected it to get better, compared to just 16 percent of Republicans;
- Democrats are also more than 50 percent more likely than Republicans to expect their own household financial situation to improve over the same time period.
“Economic uncertainty remains high across America, with a low appetite for investment risk and consumers remaining generally cautious about their finances,” said Matt Spackman, Aviva USA vice president of customer insight and analytics. “According to the survey, Democrats feel more positive about the country’s and their own financial future. However, regardless of party affiliation, this survey confirmed how prevalent economic concerns still are for most Americans.”
Economic issues loomed large among survey respondents. Just 27 percent of Americans believe they have enough savings to cope with the unexpected, and two out of three believe life is more risky than it used to be. Nearly six in 10 Americans expect to work beyond the normal retirement age and are worried they won’t have enough saved for an acceptable standard of living upon retirement.
A significant percentage of Americans seem to want someone else to intervene in their financial matters. Almost one in four respondents would like someone to sort out their financial affairs, and 17 percent of Americans believe the only way to make certain they save for retirement is for it to be required by law.