- 41 percent believe Republican
presidency would have negative effect on household finances; 25
percent believe effect would be positive
- 37 percent believe Democratic
presidency would have negative effect on household finances; 26
percent believe effect would be positive
- Nearly a quarter have no money set
aside to take on emergency home repairs
- Trend shows that Americans are saving
more
With the 2016 U.S. presidential election quickly approaching,
Americans seem to see little difference between how a Democratic or
Republican presidency would affect household finances – and a
remarkable number currently believe both would have negative
effects. When asked what effect a Republican or Democratic
presidency would have on the security of their household finances,
41 percent of Americans thought a Republican presidency would have
a negative effect, while 37 percent felt a Democratic presidency
would have a negative effect. On the other side, opinions stacked
up more closely, with 26 percent of Americans saying a Democratic
presidency would have a positive effect and 25 percent believing a
Republican presidency would have a positive effect.
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HomeServe Biannual State of the Home
Survey - Summer 2016
The findings are from the Summer 2016 and third edition of the
HomeServe Biannual State of the Home Survey from HomeServe
USA (HomeServe), a leading provider of home repair solutions. The
survey is a biannual report on the financial impact of home repairs
and energy use facing Americans and was conducted online by Harris
Poll on behalf of HomeServe from August 3-5 2016, among over 2,000
adults ages 18 and older. This edition of the survey additionally
explored attitudes around the 2016 presidential election and how
its results may affect household finances.
Changes in Americans’ Household Finances
The ability to take on unexpected expenses, such as emergency
home repairs, is one of the more telling factors on the state of
household finances among Americans. The survey found that, while
most American homeowners had some reserves set aside to cover the
costs of an emergency home repair, 23 percent had no money set
aside whatsoever. The Winter 2016 edition of HomeServe’s survey
also found that figure at 23 percent, while the Summer 2015 edition
saw the percentage just slightly higher (25 percent). Among those
who did have money set aside, 38 percent had $1,000 or less – lower
than the 43 percent found in the Winter 2016 survey and the 52
percent in the Summer 2015 survey. The decrease can be attributed
to more Americans having higher amounts of money set aside for home
emergencies. Among those who have money set aside, for example, 37
percent have $5,000 or more saved, while 33 percent had $5,000 or
more saved according to the Winter 2016 survey and 29 percent in
the Summer 2015 survey.
“The trends we see across our previous and latest survey data
suggests some Americans have seen improvements in the state of
their household finances over the past year, which is a great sign.
However, the chunk of homeowners who continue to have little to no
money set aside to take on home emergency repairs remains sizable,”
said Tom Rusin, CEO of HomeServe USA. “In the event of a home
emergency, these homeowners can find themselves blindsided by high
cost of repairs and unable to take on the unexpected financial
burden.”
A lack of awareness among Americans for the prevalence of home
repair emergencies in the U.S. further amplifies reason for concern
over financial readiness to absorb an expensive repair. When asked
about the likelihood that they may experience a major home repair
emergency in the next 12 months, three-quarters of Americans (75
percent) felt it was not very – or not at all – likely. However,
over half of Americans (51 percent) reported having experienced a
home repair emergency in the past 12 months, suggesting a clear gap
between Americans expectations and actual experience. With nearly a
quarter of homeowners (23 percent) having no money set aside to
shoulder the financial impact of potentially thousands of dollars
in emergency repair costs, the need for awareness and education on
the topic, as well as proper planning, is as important as ever.
Election Issues Impacting Household Finances
A number of key issues discussed throughout the election cycle
are of concern to Americans and capable of impacting their
household finances – through monthly energy and water costs,
potential home repair expenses and more. However a significant
percentage of Americans are unclear on how these election issues
could affect their financial well-being. Findings from the
HomeServe Biannual State of the Home Survey showed one out of every
three Americans (33 percent) felt that neither aging
infrastructure, energy efficiency, clean energy initiatives,
climate change nor water conservation could have an effect on their
household finances.
Alternatively, 2 in 5 Americans (40 percent) agreed that aging
infrastructure is an election issue that could affect their
household finances. “How the Presidential Election May Impact Water
Infrastructure,” a webinar hosted by HomeServe for the American
Water Works Association (AWWA) earlier this year, highlights the
significant role the election could play in addressing the
challenges posed by aging infrastructure. One of the ways
infrastructure could impact homeowners in particular is through the
significant water loss happening today across the country due to
leaks affecting aged pipes. The Center for Neighborhood Technology
(CNT) found that nearly 6 billion gallons of water is lost per day
in the U.S. as a result of this issue. In the report “Buried No
Longer: Confronting America’s Water Infrastructure Challenge,” the
AWWA suggests that communities in the U.S. could expect household
water bills to triple from the costs of repairing U.S. drinking
water infrastructure. What’s more, water loss and infrastructure
repairs on municipal systems not only affects homeowners’ water
bills but could also more directly result in them facing thousands
of dollars in costs when the piping systems on their property
require repairs.
Energy efficiency was another election issue cited by 38 percent
of Americans as something that could affect their household
finances. Their views are supported by the findings of HomeServe’s
Winter 2016 survey, where 66 percent of Americans said they planned
to take steps to make their home more energy efficient in the
following 12 months, with 84 percent among them citing savings on
energy bills as the driving factor. These topics, in addition to
clean energy initiatives, climate change and water conservation,
all overlap and are closely intertwined – requiring attention from
Americans leading up to the fall elections. Voters should have an
understanding of how these issues affect their communities and
wallets via home energy and water costs, as they determine which
candidates will earn their support at the polls.
“It is critical for Americans to understand and connect the dots
between these national issues, the 2016 presidential election and
their household finances. The level of attention the next President
places on issues like climate change or aging infrastructure may
very well have a direct impact on homeowners’ living costs,” added
Rusin. “In worst-case scenarios where home emergencies occur and
urgent repairs are required, homeowners may have to face
unexpected, significant expenses – which, as the survey suggests,
almost 1 in 4 Americans (23 percent) may be in no position to
handle. This is why it will be important for homeowners across the
U.S. to pay attention to the issues related to energy and water,
proactively prepare to manage home emergencies when they occur, and
keep their household finances in mind when they head to the polls
in November.”
Survey Methodology
This Summer 2016 survey was conducted online within the United
States by Harris Poll on behalf of HomeServe from
August 3-5, 2016 among 2,027 adults ages 18 and older. The
Winter 2016 survey was conducted online within the United States by
Harris Poll on behalf of HomeServe from February 3-5, 2016 among
2,178 adults ages 18 and older. The Summer 2015 survey was
conducted online within the United States by Harris Poll on behalf
of HomeServe from July 17-21, 2015 among 2,024 adults ages 18 and
older. This online survey is not based on a probability sample and
therefore no estimate of theoretical sampling error can be
calculated. For complete survey methodology, including weighting
variables, please contact hsusa@icrinc.com.
About Harris Poll
Over the last 5 decades, Harris Polls have become media staples.
With comprehensive experience and precise technique in public
opinion polling, along with a proven track record of uncovering
consumers’ motivations and behaviors, The Harris Poll has gained
strong brand recognition around the world. Contact us for more
information.
About HomeServe
HomeServe USA Corp (HomeServe) is a leading provider of home
repair solutions serving over 2.7 million customers across the US
and Canada under the HomeServe, Service Line Warranties of America
(SLWA) and Service Line Warranties of Canada (SLWC) names. Since
2003, HomeServe has been protecting homeowners against the expense
and inconvenience of water, sewer, electrical, HVAC and other home
repair emergencies by providing affordable repair coverage and
quality local service. As an A+ rated Better Business Bureau
Accredited Business, HomeServe is dedicated to being a
customer-focused company supplying best-in-class repair plans and
other services to consumers directly and through over 400 leading
municipal, utility and association partners. For more information
about HomeServe, a 2015 Connecticut Top Workplace winner and
recipient of seven 2016 Stevie Awards for Sales & Customer
Service, please go to www.homeserveusa.com. For information on
SLWA visit www.slwofa.com and for SLWC visit www.slwofc.ca. To
connect with HomeServe on Twitter and Facebook, please visit
www.twitter.com/homeserveusa and
www.facebook.com/HomeServeUSA.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160915005810/en/
MEDIA:HomeServe USAMyles Meehan,
203-356-4259Myles.Meehan@homeserveusa.comorICR, Inc. for HomeServe
USASourav Das, 203-682-8283hsusa@icrinc.com
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