Not Feeling The Love

A study finds many Americans think their finances haven’t improved since 2016

With the midterm elections over, Americans are once again going to turn their attention to their wallets. As a recent survey found, there’s are plenty of people who won’t like what they see.

As Marketwatch reports, the study found that 45 percent of American adults feel their finances are “about the same” since the 2016 election, 38 percent said their finances have improved and 17 percent claim things have become worse. Though the economy has been on the upswing over the past two years, how you vote typically reflects how you feel about that issue. Just 29 percent of Democrats think the economy has improved under President Trump, compared to 60 percent of Republicans. Of the Democrats who said the economy has been doing well, just seven percent cited the President as a reason.

What, exactly, is driving this feeling of financial uneasiness? A WalletHub report found that many Americans lack a rainy day financial cushion and it concerns them. The survey found that 23 percent of Americans don’t have any emergency funds and that is their primary financial worry. Another 22 percent are concerned about not having enough saved for their eventual retirements, 20 percent worry about identity theft and 19 percent are scared of losing their jobs.

If you don’t think your finances have improved over the past two years and you’re stressed about savings, it’s time to make some changes. Do a deep dive into your budget and find places to trim the fat, then move that money into your emergency or retirement fund (whichever worries you the most). One thing that election changes never bring is individual control over the economy as a whole. It’s always better to work on improving your own personal economy instead.

Chris O'Shea