FOSTER CITY, Calif.,
Oct. 22, 2020 /PRNewswire/ -- As
the presidential election grows closer, leading polls show the
economy is the most important concern for Americans when they cast
their vote. A new study from MyBankTracker.com finds that the
majority of Americans surveyed will not vote based on the
candidate's impact on their finances. The personal finance site
surveyed about 2,300 people throughout the U.S., ages 18 and older.
Participants disclosed their political party affiliation and
answered questions about how financial factors will influence their
vote.
![MyBankTracker.com (PRNewsfoto/MyBankTracker.com) MyBankTracker.com (PRNewsfoto/MyBankTracker.com)](https://mma.prnewswire.com/media/1278342/MyBankTracker_Logo.jpg)
- Nearly 60% say their presidential vote won't depend on the
candidate's expected impact on their finances (58.59%)
-
- Most women (63.44%) are not considering a candidate's expected
impact on their finances
- The majority of men (54.47%) report that personal finance will
not influence their vote
- About 50% of respondents say their finances didn't change
significantly under the current administration before the start of
the pandemic (49.8%)
-
- Nearly 36% say they improved (36.1%)
- About 14% report they worsened (14.1%)
- Men - 44.32% report finances improved while 44.24% saw no
significant change
- Women - 28.02% say their finances improved while 55.65% report
they didn't change significantly
- More than 25% say finances won't impact their vote at all, when
asked which financial factor, if any, has the biggest influence on
their presidential vote (25.4%)
-
- Economic Growth - 20.5%
- Other financial factor - 19.8%
- Taxes - 13.6%
- Income Inequality -12.5%
- The Job Market - 5.8%
- Financial Regulation - 2.4%
Younger Americans and Women Prefer Biden while Older
Americans and Men Prefer Trump
While it was a toss-up
when Americans indicated which candidate may cause them the least
financial anxiety (Donald Trump:
33.9%; Joe Biden: 31.8%; 29%
preferred not to say) there is a striking difference when it comes
to age:
- Age groups 18-24, 25-34 and 35-44 say Biden should cause them
less anxiety about finances
- Age groups 45-54, 55-64 and 65+ report Trump may cause them the
least financial anxiety
- Women report Biden will cause the least financial anxiety (34%
vs 28.49% Trump)
- Men say Trump will cause the least financial anxiety (39.89% vs
30.38% Biden)
"With the economy in a recession, we were a bit surprised to see
the majority of those polled will not vote based on finances –
especially in the midst of widespread unemployment from the
coronavirus pandemic," says Simon
Zhen, the senior research analyst for MyBankTracker and the
study's author. "We expected more voters would consider the
candidate's impact on the stock market, investing or even the
job market. This doesn't necessarily mean, however, that voters
aren't concerned about money management and making their paychecks
stretch as far as possible. Where we did see a difference in trends
was when we looked at the data broken down by the political party
the respondents identified with the most."
Breakdown by Political Party
Democrats
- 72.6% say their vote doesn't depend on the candidate's impact
on their finances
- Income inequality is the financial factor with the biggest
influence on their vote (32.3%)
- Before the pandemic, 66.6% report no significant change in
their finances under President Trump's administration while 23.6%
say they worsened
Republicans
- 58.5% say their vote depends on the candidate's impact on their
finances
- Economic growth is the financial factor with the biggest
influence on their vote (36.7%)
- Before the pandemic, 70.9% report improvement in their finances
under President Trump's administration while 26% report no
significant change
Independents
- 55.5% say their vote doesn't depend on a candidate's impact on
their finances
- Economic growth is the financial factor with the biggest
influence on their vote (21.4%)
- Before the pandemic, 49.3% report no significant change in
their finances under the current administration while 34.6% say
they improved
Other - respondents who chose "other" as political
party
- 69.8% say their vote doesn't depend on the candidate's impact
on their finances
- "Other" financial factors are the biggest influence on their
presidential vote (35.4%)
- Before the pandemic, 62.4% report no significant change in
their finances under the current administration while 21.4% say
they improved
View all the survey's results, including breakdown by political
party, age and gender:
Study: Will Your Presidential Vote Depend on the Impact on Your
Finances?
Methodology
The study was conducted through Google
Surveys on behalf of MyBankTracker from September 29, 2020 to October 2, 2020 with 2,294 respondents in
the United States of ages 18 and
up with a standard deviation of +/- 4.7%.
Participants answered five questions:
- Which political party do you most identify with?
- Will your presidential vote depend on the candidate's impact on
your finances?
- Which financial factor, if any, will have the biggest influence
on your presidential vote?
- Before the pandemic, what happened to your finances under
President Trump's administration?
- Which 2020 presidential candidate do you believe will cause you
the least financial anxiety?
About MyBankTracker
MyBankTracker is owned and
operated by QuinStreet, Inc. (Nasdaq: QNST), a leader in providing
performance marketplace technologies and services to the FinTech,
financial services and home services industries. QuinStreet is a
pioneer in delivering online marketplace solutions to match
searchers with brands in digital media. The company is committed to
providing consumers with the information and tools they need to
research, find and select the products and brands that meet their
needs. MyBankTracker is a member of QuinStreet's expert research
and publishing division.
MyBankTracker is an independent comparison website helping
consumers make smart banking and financial decisions. The mission
is to match consumers to their perfect bank by providing and
tracking in-depth information on more than 5,000 banks, credit
unions and financial products. Using a combination of technology
and money management expertise, MBT provides personal finance
comparison tools and educates consumers to optimize their
relationships with banks and lenders.
Twitter: @mybanktracker
Facebook: https://www.facebook.com/mybanktracker
Media contact
Amy
Eury
Public Relations Manager
412-532-9352
aeury@quinstreet.com
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SOURCE MyBankTracker.com