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74% of Americans say they are stressed about finances, per CNBC

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74% of Americans say they are stressed about finances, per CNBC.

Meanwhile, 1 in 2 Americans say their overall financial situation is worse now than it was before Biden was elected, per Bankrate.

Since the November 2020 presidential election, Americans have encountered numerous challenges in recovering from the economic impacts of COVID-19. These include surging inflation, increasing interest rates, and wages that fail to keep pace. A recent survey by Bankrate reveals that 50% of U.S. adults feel their overall financial situation is worse than it was three years ago, aligning with the timeframe of the November 2020 general election.

These economic hardships are expected to significantly influence votes in the 2024 presidential election, with 89% of Americans stating that handling the economy will be a crucial factor in their voting decisions. Interestingly, discussions around President Joe Biden's impact on the economy have been divisive. Approximately 67% of Republicans and 59% of Independents believe their personal financial situation has deteriorated since November 2020, while only 31% of Democrats share this sentiment.

Regardless of their political affiliation, Americans are prioritizing the economy when casting their votes in 2024. Bankrate's findings indicate that over two-thirds of Americans believe their cost of living has worsened since 2020. Specifically:

  • 50% state their overall personal financial situation has declined since November 2020.
  • 26% mention their personal finances are relatively unchanged.
  • 21% report an improvement in their financial situation.

As the 2024 election approaches, the economy remains a focal point for voters. Bankrate Senior Economic Analyst Mark Hamrick emphasizes the significance of economic issues, particularly the cost of living and the trajectory of inflation, which will likely influence voter sentiments leading up to the election. The Federal Reserve's guidance on interest rates adds complexity to this economic landscape.

Read more: https://unusualwhales.com/news/1-in-2-americans-say-their-overall-financial-situation-is-worse-now-than-it-was-before-biden-was-elected