Personal Finance

Majority of Voters Say 2020 Election Will Directly Impact Their Financial Future

Believe it or not, Election Day 2020 is now less than a month away. More accurately, ballots are already being cast in several states, either in person or by mail. As we’ve seen, these final days can hold many surprises, but one thing is certain: finance will be a top concern for Americans as they head to the polls.

According to a survey commissioned by the free credit score site Credit Karma, 61% of likely voters believe that the upcoming election will have a direct impact on their financial stability going forward. Additionally, 38% of those surveyed said that their finances were the primary reason why they were voting this year. In fact, one-quarter of respondents suggested that they’d be voting differently than they normally do (or how they’re registered) due to their current money situation.

Speaking to the influence that personal finance may be having on this year’s contests, five of the top 10 issues expressed by voters involved money. Topping the list of issues respondents care most about was economic recovery. This came in above other hot topics such as healthcare reform and racial justice. Meanwhile, the general topic of taxes came in fifth place, just below human rights. Other financial issues to make the top 10 were stimulus programs (sixth place), income inequality and the minimum wage (eighth place), and the cost of education/student debt (in 10th place).

While the presidential race may headline this year’s election, it’s important to remember that there’s a lot more on the ballot. To that point, while 60% of those surveyed felt that the federal elections would have the greatest impact on their finances, 23% said that state elections would have a larger influence. Meanwhile, 17% stated it would be the local elections that would carry the most sway on their money matters.

As most people could likely predict, it seems as though that current pandemic is set to play a major role in the 2020 election. More specifically, the toll the outbreak has had on the United States economy and, in turn, the finances of many Americans has made these issues top-of-mind for voters — and in some cases changed minds. Of course, since the survey didn’t offer specifics on which candidates respondents planned to cast ballots for, it’s really anyone’s guess as to which way these financial concerns will sway the outcomes. Still, while a lot can still happen before November 3rd, you can bet that these matters of money will be weighing heavy on voters.