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Americans say the presidential election is biggest threat to US economy

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Americans say the presidential election is biggest threat to US economy

Feelings of financial security drop to lowest level in two years.

More than 6-in-10 Americans see the upcoming presidential election as the biggest threat to the U.S. economy over the next 6 months, according to a new study by financial services provider Bankrate.com. Terrorism was a very distant second at 12%, followed by struggling overseas economies at 9%, a decline in the stock market at 8% and an increase in interest rates at 5%.

"When Americans were asked about the biggest risk to the US economy, the landslide winner was the outcome of the presidential election, garnering 61% of the vote and five times more votes than the second choice – terrorism," said Bankrate.com Chief Financial Analyst Greg McBride, CFA.

Americans' comfort level with both savings and debt took big steps backward.

Surprisingly, the outcome of the presidential election was the runaway choice as the biggest threat to the economy over the next 6 months among every age group, income group, ethnic group, political affiliation, and regardless of gender.

Republicans were only slightly more likely (at 68%) than Democrats (60%) or Independents (61%) to cite the election outcome as the biggest economic risk. Older millennials (age 26-35) and younger Baby Boomers (age 52-61) were most likely to name this as the biggest threat economically.

The looming election also appears to be wearing on Americans' feelings of financial security. The Financial Security Index plunged to the lowest level in more than 2 years. Americans' comfort level with both savings and debt took big steps backward. Those less comfortable with their savings compared to last year outnumbered those more comfortable by more than 2-to-1. Those saying they are less comfortable with their debt compared to last year outweighed those feeling more comfortable for the first time since January.

 

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