Four out of 10 Americans say they are spending less before the upcoming presidential election out of fear that the outcome will affect their paychecks, according to a new survey by NetCredit.
The people most concerned are those nearing retirement, ages 50 to 59, with more than half saying they are spending less in the days coming up to the November election.
About 35 percent of individuals say their paycheck won’t change due to the outcome of the election, 31 percent say it will go down and only 5 percent say they think they’ll get paid more after the election. Once again, people ages 50 to 59, were most concerned about negative implications, with 44 percent saying they are worried about their jobs.
“The survey findings illustrate that managing day-to-day personal finances is a struggle for many Americans in today’s economy,” said Stephanie Klein, head of consumer lending for NetCredit. “Even events like the upcoming election force many Americans to re-think their finances and spending habits.”
Tax increases and higher health care costs are the top concerns among those polled in the survey. Nearly half anticipate that taxes will increase following the election, while 19 percent say taxes will remain the same. Only 4 percent think taxes will be lowered as a result of the election.
More than half – 58 percent – believe health care expenses will rise after the election and 14 percent say it will remain the same.
Another half are concerned that economic problems in Europe will have a negative effect on personal incomes, particularly those making more than $75,000 and ages 50 to 58 percent. Men are more concerned about the European economic crisis than are women.
The survey did not ask respondents which candidate they are voting for, or who they think will win the election.