Trends in Personal Finance
COUNTRY Survey: Americans Say They Impact own Finances More than President
Bloomington, Ill., September 17, 2008 — As the presidential election nears and candidates debate the course of the economy, Americans say they have the most impact when it comes to their personal finances. According to a survey by COUNTRY Financial, nearly three times as many Americans — 46 percent versus 16 percent — say they have greater influence over their financial security than the President of the United States.
"It's encouraging that Americans recognize they are largely responsible for their financial situation," says Keith Brannan, vice president of financial security planning for COUNTRY Financial. "Achieving your financial goals doesn’t depend on Washington as much as it depends on the decisions you make every day."
Despite Americans' acknowledgement of personal responsibility for their financial situation, many say the president still has some influence over the state of their money matters. Sixty-nine percent believe the president has a large impact (23 percent) or somewhat of an impact (46 percent) on their financial security.
When it comes to the two candidates, more Americans overall (39 percent) think their personal financial situation will be better if Republican John McCain wins out over Democrat hopeful Barack Obama (35 percent) in the November presidential election. However, the two-point margin of error makes it almost too close to call. Plus, Obama has a substantial lead with women, African-Americans, Hispanics and voters under age 30.
"While there are political issues that affect our financial security, its small decisions that can have the biggest impact—like whether you control unnecessary spending, have the right insurance coverage or properly save for the future," adds Brannan. "And unlike financial decisions made by the federal government, you have a lot of control over these daily choices."
Health care, energy and taxes high priorities for Americans' pocketbooks
- Americans believe health care (25 percent), the country's energy policy (18 percent) and taxes (16 percent) are the political issues that have the most impact on their finances. Social Security came in fourth, with 13 percent saying it has the most impact.
Social Security remains top of mind for Americans’ retirement planning
- A resounding 81 percent say Social Security is very important or somewhat important to their retirement planning.
- More young Americans say Social Security is very important than some of their older counterparts. Half of adults under 30 year olds say it is very important, compared to 42 percent of 30-somethings and 47 percent of 40-49 year olds.
"It’s a concern that so many young Americans plan to rely on Social Security to fund their future retirement," adds Brannan. "It's no secret the future of the Social Security system is questionable. Young people should seek other methods of long-term savings for retirement and get help from a professional who can help them create a plan."
Other survey highlights:
| Topic: | All | Male | Female | White | Black | Hispanic |
|---|---|---|---|---|---|---|
| I have the most impact on my financial security | 46% | 49% | 42% | 48% | 37% | 33% |
| President has most impact on my financial security | 16% | 14% | 17% | 14% | 27% | 27% |
| Social Security very important to my retirement planning | 53% | 46% | 59% | 51% | 56% | 80% |
| Personal financial security will be better if McCain is elected | 39% | 44% | 34% | 45% | 14% | 16% |
| Personal financial security will be better if Obama is elected | 35% | 31% | 38% | 29% | 63% | 54% |
For more information on Americans' sentiments about financial security, please visit www.countryfinancialsecurityindex.com
The COUNTRY Election survey is based on a national telephone survey of 3,000 Americans and is compiled by Rasmussen Reports, LLC, an independent research firm. The survey was conducted July 24-25, 2008, prior to both the Democratic and Republican party national conventions. The margin of sampling error for this survey is approximately +/- 2 percentage points with a 95 percent level of confidence.
About COUNTRY
COUNTRY Financial serves about one million households and businesses throughout the United States. It offers a full range of financial products and services from auto, home and life insurance to retirement planning services, investment management and annuities.
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