Only 6% of Americans think their finances will improve after the November presidential election, regardless of which party’s candidate wins, according to a recent loanDepot survey.
In fact, the survey found that most Americans expect their financial situations will either stay the same (66%) or become worse (24%). Part of the negative sentiment appears to stem from the failure of presumptive nominees Hillary Clinton and Donald Trump to talk about their proposed housing and finance policies.
“People across the nation told us they want to hear more from the presidential candidates about their housing and financial policies on issues like income, access to credit, interest rates and affordable housing,” Anthony Hsieh, loanDepot chairman and CEO, said in a press release. “The candidate who does a good job in communicating their policies moving forward has an opportunity to influence millions of potential voters.”
LoanDepot’s survey was conducted by OMNIWEB, comprising of interviews with 500 female adults and 500 male adults in the United States, with the margin of error on weighted data plus or minus 3% for the full sample.
Nearly two out of five (36%) respondents in loanDepot’s survey felt the candidates were doing a poor job articulating their housing and finance policies; 35% would like to hear more from the candidates on these topics. The survey also found that those who want to hear more are mostly Democrats (56%), followed by Republicans (39%) and millennials (29%).
Also, more Democrats (50%) expect to be worse off financially as a result of the elections than Republicans (44%).
How to Protect Your Credit
Survey results also showed that many younger Americans are still discouraged about their incomes and the election’s impact on their access to credit. In fact, more than one-third (36%) of millennials say their primary financial concern is not making enough money, and 46% are concerned about how the elections will impact their ability to access credit. Two out of five (40%) millennials said making homeownership more affordable to middle- and low-income Americans should be a priority for the next president’s first 100 days in office.
Whether you think the results of the November elections will improve or hinder your personal finances, it’s a good idea to keep your credit scores in good standing. Having a good credit score can help you access more credit and at better terms and rates. (You can see where your credit currently stands by viewing two of your credit scores, updated each month, for free on Credit.com.) If you aren’t happy with your current credit situation, you can try to improve your credit scores by disputing any errors on your credit reports, limiting new credit inquiries and paying down credit card debt.
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