Joe Biden and Donald Trump
If voters had to pick the next U.S. president today based on who is best for their personal finances, it could be a very close race.
A survey from Bankrate.com finds that 36% of Americans believe President Donald Trump would be better for their finances, while 35% think former Vice President Joe Biden would be the top choice. Meanwhile, 14% said neither and 15% said they don’t know.
Those more likely to pick Trump based on this issue include white adults, baby boomers and the highest earners.
People who are more likely to select Biden include lower earners, Black adults, residents of Northeastern states and people who have four-year college degrees.
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Voters likely to say neither Trump nor Biden would be better for their wallets include independents, millennials and the lowest earners.
The results show that not everyone feels ok about how well they are doing financially.
“There are a lot of aspects of the past 10-plus years, which was the length of the expansion, that didn’t lift all boats,” said Mark Hamrick, senior economic analyst at Bankrate.com.
The online survey was conducted between June 3 and June 4 and included 1,343 adults.
Only 17% of respondents said their personal finances are better now than they were when Trump took office. Meanwhile, 29% say they are worse off, while 45% say their situations are the same and 10% said they don’t know.
Those more likely to say their financial situations are better now include men, whites and those earning $80,000 or more per year.
The results are mixed when it comes to whether or not people expect their finances to improve by the November election. About 45% of voters expect their personal financial situations to remain the same, while 27% expect positive progress. Meanwhile, 12% expect things to get worse and 16% are not sure.
Of those impacted by the current economic shutdown, just 35% of respondents said they expect their situations to improve by then. Meanwhile, 22% said they expect their finances to get worse and 29% said they expect them to stay the same.
“Income inequality is a trend that had been in play long before the president came to office,” Hamrick said. “The reality is that those differences remain in place and that will remain a challenge for whoever wins the White House in November.”
Admittedly, people’s personal financial outlook is just one factor in their decision when deciding on a candidate.
A recent NBC News/Wall Street Journal poll found that Trump is in the lead when it comes to issues including dealing with the overall economy, getting back to work and relations with China.
But Biden comes in ahead on dealing with the coronavirus, health care, issues related to African-Americans and women, and uniting the country.