The U.S. presidential election is right around the corner, and, aside from the usual discussion around candidates and policies, some Americans are also asking the question: Is the election messing with your money? For many, the answer is yes. But, depending on which party you support, your financial stress might look a little different.
In a recent Ipsos survey, people across the country shared how the upcoming 2024 election is affecting their spending and saving. Republicans and Democrats don’t always see eye to eye on politics—no surprise there—but both are still thinking about personal finances.
Is the 2024 presidential election affecting your wallet?
Brad Christian, from Ipsos’ U.S. Channel Performance team, summed it up nicely:
“Regardless of political party, consumers are saying the economy is on their mind. And we’ve seen that in their decision-making: foot traffic has been trending down all year in both limited service and casual dining restaurants, while credit card spending is rising and Buy Now Pay Later (BNPL) offers are proliferating.”
In short, people are thinking about the economy—maybe even more than who they’re voting for. So, how exactly is the election weighing on financial choices?
Cutting Back as the Election Nears
Ever feel like your wallet gets lighter as election day gets closer?
If you're a Republican, chances are you’re nodding right now. More than half of Republicans in the Ipsos poll said they’ve been spending less because of the election.
Democrats? Not so much. Their spending hasn’t shifted as dramatically, with about half saying the election hasn't really changed how they use their money.
Why the difference?
Republicans seem more concerned about potential financial instability ahead, cutting back where they can. Whether it's skipping a night out or holding off on big purchases, they’re preparing for the unknown. Democrats, on the other hand, are a little more relaxed when it comes to election-related spending.
Saving for a Rainy Election Day?
The poll found that many Americans are tucking away more money, just in case things get rocky after the election. Republicans, again, are leading the charge here, saving more as election uncertainty looms.
It’s a “better safe than sorry” approach. If you're worried about what might happen with the economy after election day, it makes sense to build a little financial cushion. You might cancel that vacation to Disney World (it can wait) or hold off on upgrading your car (the old one’s still running, right?).
Still, not everyone is hitting the brakes just yet.
Many Americans are saving more money, just in case things get rocky after the election.
Will Losing the Election Hurt Your Finances?
What happens if your candidate doesn’t win? Could it actually hurt your personal finances? For many Americans, the answer is a big “yes.”
Three-quarters of Republicans (76%) said that if their preferred candidate loses, their own financial situation would take a hit.
Democrats are concerned too, but not quite as much—three in five (60%) said they think a loss could affect their finances.
Now, here’s where things get even more interesting. If you look at the more steadfast party members—those who are really committed—the numbers are even more telling. Nearly 70% of strong Republicans are convinced they’d be worse off if their candidate loses, compared to just 40% of strong Democrats who feel the same way.
So, depending on how deeply you’re invested in your candidate, your wallet might start to feel the pressure even before the election is over.
Both Republicans and Democrats keep up with and care about economic news.
Understanding Economic News: No Party Divide Here
But not everything is a matter of red versus blue. When it comes to keeping up with economic news, both Republicans and Democrats are on pretty even footing. The Ipsos Care-o-Meter found that just over half of both groups knew about recent key economic updates, such as the Federal Reserve cutting interest rates.
And, interestingly, both Republicans and Democrats cared about these economic news stories equally. When asked if they cared about economic updates like the Bureau of Labor Statistics revising job numbers downward, the caring split was almost the same—78% of Republicans and 79% of Democrats said it mattered to them.
When it comes to the economic policies affecting our wallets, maybe Americans aren’t that different after all.
Inflation: The Common Opponent
If there’s one thing that truly unites us, it’s the pain we feel at the grocery store checkout. Inflation has been hitting everyone hard, and both parties agree it’s a problem. A strong majority of both Republicans (82%) and of Democrats (73%) said they’re spending more on groceries, thanks to inflation.
What will be the financial outlook for everyday Americans after the election?
What Comes Next?
As the election approaches, many Americans are tightening their belts, especially Republicans. Democrats are a little more confident, but they’re still keeping an eye on things.
The real question is: What happens after the first week of November? Will spending pick up? Will everyone relax a bit? Only time will tell.
As we await the election results, we can all hope that the real winners are Americans' wallets and savings accounts—and, if things go your way, perhaps that Disney trip will still happen after all.
Join the conversation by sharing your opinions with Ipsos iSay. Head to your dashboard to check out the latest surveys and make your voice heard today!
The Ipsos research shared in this article has been sourced from: https://www.ipsos.com/en-us/has-election-season-affected-americans-finances-what-they-say-depends-their-party
