Survey: 43% of Americans say their finances have gotten worse under Biden
As the 2024 presidential election approaches, a new Bankrate survey finds that many voters feel their finances have gotten worse since Biden’s inauguration. Nearly half (43 percent) of U.S. adults say their personal financial situation has gotten worse since the start of Biden’s presidency in January 2021. Only 19 percent of Americans say their personal financial situation has gotten better in that time.
When asked to pick between the three major candidates for president — President Joe Biden, former President Donald Trump and Independent Robert F. Kennedy Jr. — more than one-third (37 percent) of Americans say Trump would be the best presidential candidate for their personal financial situation. Another 32 percent say Biden would be best for their personal financial situation.
Americans have faced rising inflation and high interest rates for several years now, which has made it harder for them to save money. As the election race heats up, the candidates will have to convince voters they’re the best option to help Americans’ finances.
With months to go before Americans cast their votes in the presidential election, President Biden has more work to do to make his case on pocketbook issues.— Mark Hamrick, Bankrate Senior Economic Analyst
Key takeaways on the 2024 presidential candidates and the economy
- Americans think their personal finances have gotten worse. 43% of Americans say their personal financial situation has gotten worse since the start of Biden’s presidency in January 2021, 35% say it’s stayed the same and 19% say it’s gotten better.
- Opinions are split by party. 68% of Republicans say their personal financial situation has gotten worse since the start of Biden’s presidency, compared with 51% of Independents and 16% of Democrats.
- More Americans think Trump would be best for their personal finances. When comparing the three major presidential candidates, 37% of U.S. adults say Trump would be best for their personal financial situation. That compares with 32% who say Biden, 6% who say Kennedy and 14% who say none of them.
- Many aren’t pleased with Biden’s handle on the economy. Regardless of who they think they’ll vote for, 46% of U.S. adults say they are less likely to vote for Biden because of his handling of the economy. 26% say they are more likely to vote for him and 23% say they are neither more nor less likely.
The majority of Republicans and Independents feel their personal financial situation has gotten worse since 2021
Three and a half years into Biden’s presidency, more than twice as many Americans say their personal financial situation has gotten worse compared to those who say it’s gotten better. Around one-third (35 percent) of Americans say their personal financial situation has stayed about the same.
- Gotten worse: 43 percent
- About the same: 35 percent
- Gotten better: 19 percent
Source: Bankrate survey, June 12-14, 2024
Note: Percentages may not total 100 due to rounding.
Americans’ opinions are heavily tied to their political party. More than four times as many Republicans say their personal finances have gotten worse since the start of Biden’s presidency, compared with Democrats:
- Republicans: 68 percent
- Independents: 51 percent
- Democrats: 16 percent
On the other hand, Democrats are the likeliest party to say their personal financial situation has gotten better since the start of Biden’s presidency:
- Democrats: 32 percent
- Independents: 17 percent
- Republicans: 9 percent
The president isn’t the only force impacting Americans’ finances. Those who say their finances have worsened since Biden’s presidency began could also be thinking of the rapidly rising inflation rate of common goods that peaked in the summer of 2022. But rising inflation was caused by a number of factors, including supply shocks, COVID-19 rescue packages and pent-up demand. Some of the causes of inflation stem from policies approved under both the Trump and Biden administrations, while others are side effects of the pandemic.
Since 2022, the inflation rate has cooled significantly. But it’s still above the Federal Reserve’s target rate, and many Americans aren’t feeling much relief.
“Perceptions about the economy are vastly different, largely divided along party lines,” Bankrate Senior Economic Analyst Mark Hamrick says. “Inflation has taken a toll on Americans’ personal finances, while many have also been supported by a generally healthy job market and persistent economic growth, including the recovery which emerged in the aftermath of the pandemic.”
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Older Americans are more likely than younger generations to say their personal financial situations have gotten worse since Biden took office. Around half (51 percent) of Gen Xers say their personal finances have gotten worse since Biden took office, the most of any generation, compared with only 30 percent of Gen Zers:
- Gen Zers (ages 18-27): 30 percent
- Millennials (ages 28-43): 40 percent
- Gen Xers (ages 44-59): 51 percent
- Baby boomers (ages 60-78): 48 percent
Younger generations are likelier than older Americans to say their personal financial situation has gotten better since Biden became president:
- Gen Zers: 21 percent
- Millennials: 22 percent
- Gen Xers: 16 percent
- Baby boomers: 17 percent
Additionally, Americans who report a lower household income are more likely to say their personal financial situation has gotten worse since Biden took office. Nearly half (48 percent) of people with a household income under $50,000 say their personal financial situation has gotten worse since Biden took office, the highest percentage of any income bracket:
- Under $50,000 per year: 48 percent
- $50,000-$79,999: 40 percent
- $80,000-$99,999: 42 percent
- $100,000 per year or more: 36 percent
Americans are split on whether Trump or Biden would be best for their personal financial situation
When asked to compare the three most prominent candidates for president, a roughly equal percentage of U.S. adults say either Trump or Biden would be best for their personal financial situation (37 percent and 32 percent, respectively). Additionally, 6 percent of people say Kennedy would be best for their personal financial situation and 14 percent say none of them.
Source: Bankrate survey, June 12-14, 2024
Note: Percentages may not total 100 due to rounding.
Americans tend to stick to party lines when naming who they think would be the best candidate for their finances. Eighty-four percent of Republicans and 35 percent of Independents say Trump would be best for their personal financial situation. Seventy-two percent of Democrats say Biden would be best for their personal financial situation.
Independents are the likeliest party to say Kennedy would be best for their personal financial situation, at 10 percent.
Independents are also the likeliest party to say none of the three major candidates would be best for their personal financial situation — at 23 percent — compared with only 9 percent of Democrats and 5 percent of Republicans.
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Both men and women are more likely to say Trump would be the best candidate for their personal financial situations, but he was more often cited by men. Two in 5 men (40 percent) say Trump would be the best candidate for their personal financial situation, compared with 34 percent of women.
Around one-third (34 percent) of men and 30 percent of women say Biden would be best for their personal financial situations. Women are more likely (16 percent) to say none of the three candidates would be best for their personal financial situation, compared with 11 percent of men.
Older generations are more likely to say Trump would be the best candidate for their personal financial situations:
- Gen Zers: 24 percent
- Millennials: 30 percent
- Gen Xers: 44 percent
- Baby boomers: 44 percent
On the other hand, a roughly equal percentage of Gen Zers, millennials and baby boomers say Biden would be best for their personal financial situations:
- Gen Zers: 34 percent
- Millennials: 32 percent
- Gen Xers: 25 percent
- Baby boomers: 35 percent
When comparing opinions by racial demographics, White and Hispanic Americans are the likeliest to say Trump would be the best candidate for their personal financial situations:
- White: 43 percent
- Hispanic: 34 percent
- Other: 26 percent
- Black: 18 percent
Black Americans are likeliest to say Biden would be better for their personal financial situations:
- Black: 44 percent
- White: 31 percent
- Other: 30 percent
- Hispanic: 27 percent
Nearly half of Americans are less likely to vote for Biden due to his handling of the economy
Biden’s response to the economy has impacted his favorability with a large percentage of Americans, according to Bankrate’s survey. Nearly half (46 percent) of U.S. adults say, regardless of who they vote for in the 2024 election, Biden’s handling of the economy has made them less likely to vote for him, including 40 percent who are much less likely and 6 percent who are somewhat less likely.
Another 26 percent said, regardless of who they’ll vote for in the 2024 election, they are more likely to vote for Biden due to his handling of the economy. That includes 14 percent who are much more likely to vote for him and 12 percent who are somewhat more likely.
Source: Bankrate survey, June 12-14, 2024
Note: Percentages may not total 100 due to rounding.
Regardless of who they’ll vote for in the 2024 election, Republicans are overwhelmingly less likely to vote for Biden because of his handling of the economy, with 84 percent saying so. In contrast, 56 percent of Democrats say they are more likely to vote for Biden because of his handling of the economy, regardless of who they’ll vote for, and 31 percent said they were neither more nor less likely.
More than half (56 percent) of Independents say, regardless of who they’ll vote for, Biden’s handling of the economy makes them less likely to vote for him. Another 25 percent say they are neither more nor less likely to vote for him and 16 percent say they are more likely.
These responses are not a final indicator of how Americans plan to vote in November. An uncertain economy complicates the election outcome — the job market is showing signs of slowing, while inflation is still stubbornly hot. Most economists still expect that the Fed could cut interest rates this year, but that’s only if the data allows. Hamrick says it’s unclear if Americans will receive better news on inflation by the election.
“Many have felt the sting of reduced buying power stemming from elevated prices and high borrowing costs,” Hamrick says. “At the same time, it is possible that the Federal Reserve could begin to reduce interest rates this fall.”
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Bankrate commissioned YouGov Plc to conduct the survey. All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,000 U.S. adults. The margin of error (adjusted for weights) is +/-2.45 percentage points. Fieldwork was undertaken between June 12 – June 14, 2024. The survey was carried out online and meets rigorous quality standards. It employed a non-probability-based sample using both quotas upfront during collection, followed by a sample matching process and then a weighting scheme on the back end designed and proven to provide nationally representative results.
