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 worsened since Biden took office. Nearly half (43%) of U.S. adults say their personal financial situation has worsened since Biden’s presidency began in January 2021. Just 19% of Americans say their personal financial situation has improved during that time.

When asked to choose between the three major presidential candidates — President Joe Biden, former President Donald Trump and independent Robert F. Kennedy Jr. — more than a third (37%) of Americans say Trump would be the best presidential candidate for their personal financial situation. Another 32% say Biden would be the best for their personal financial situation.

Americans have been facing rising inflation and high interest rates for several years, which has made it harder for them To save money. As the race heats up, candidates will have to convince voters that they are the best option to help Americans’ finances.

— Mark Hamrick, senior economic analyst at Bankrate

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 worsened since Biden’s presidency began in January 2021, 35% say it has stayed the same and 19% say it has improved.

• Opinions are divided by party. 68% of Republicans say their personal financial situation has worsened since the start of Biden’s presidency, compared with 51% of independents and 16% of Democrats.

• More Americans think Trump would be better 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 neither.

• Many are not happy with the way Biden is handling the economy. Regardless of who they think they will 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.

Majorities of Republicans and Independents Feel Their Personal Financial Situation Has Worsened 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 with those who say it has gotten better. About a third (35%) of Americans say their personal financial situation has stayed about the same.

The story continues

Source: Bankrate Survey, June 12-14, 2024

Observation: Percentages may not total 100 due to rounding.

Americans’ views are strongly tied to their political party. More than four times as many Republicans say their personal finances have worsened since the start of Biden’s presidency compared to Democrats:

• Republicans: 68 percent

• Independents: 51 percent

• Democrats: 16 percent

On the other hand, Democrats are the party most likely to say their personal financial situation has improved 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 gotten worse since Biden’s presidency began may also be thinking about the rapid increase in inflation rate of common goods that peaked in the summer of 2022. But rising inflation has been caused by a range of factors, including supply shocks, COVID-19 rescue packages, and pent-up demand. Some of the causes of inflation stem from policies enacted under both Trump and Biden Administrationswhile others are side effects of the pandemic.

Since 2022, the inflation rate has cooled significantly. But it is still above the Federal Reserve’s target rate, and many Americans aren’t feeling much relief.

“Perceptions about the economy are very different, divided largely along partisan lines,” says Bankrate senior economic analyst Mark Hamrick. “Inflation has taken a toll on Americans’ personal finances, while many have also been buoyed by a generally healthy job market and persistent economic growth, including the recovery that emerged after the pandemic.”

To know more: Why do Americans say they are struggling financially, even though the economy appears to be improving?

• Biden’s perceived effect on Americans’ personal finances, by generation and income level

  Older Americans are more likely than younger generations to say their personal financial situations have worsened since Biden took office. About half (51 percent) of Gen Xers say their personal finances have worsened since Biden took office, the most of any generation, compared with just 30 percent of Gen Zers:

  • Generation Z (18-27 years old): 30 percent

  • Millennials (ages 28-43): 40 percent

  • Generation X (ages 44-59): 51 percent

  • Baby boomers (ages 60-78): 48 percent

  Younger generations are more likely than older Americans to say their personal financial situation has improved since Biden became president:

  • Generation Z: 21 percent

  • Y generation: 22 percent

  • Generation X: 16 percent

  • Baby Boomer Generation: 17 percent

  Additionally, Americans who report lower household incomes are more likely to say their personal financial situation has worsened since Biden took office. Nearly half (48%) of those with household incomes below $50,000 say their personal financial situation has worsened since Biden took office, the highest percentage of any income bracket:

  • Less than $50,000 per year: 48 percent

  • US$50,000 to US$79,999: 40 percent

  • US$80,000 to US$99,999: 42 percent

  • $100,000 per year or more: 36 percent

Americans are divided on whether Trump or Biden would be better for their personal financial situation

When asked to compare the three most prominent candidates for president, roughly equal percentages of U.S. adults say Trump or Biden would be better for their personal financial situation (37% and 32%, respectively). Additionally, 6% of people say Kennedy would be better for their personal financial situation, and 14% say neither.

Source: Bankrate Survey, June 12-14, 2024

Observation: Percentages may not total 100 due to rounding.

Americans tend to fall along party lines when nominating 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 most likely to say Kennedy would be best for their personal financial situation, at 10%.

Independents are also the party most likely to say none of the three major candidates would be best for their personal financial situation — 23% — compared with just 9% of Democrats and 5% of Republicans.

• Top candidates for Americans’ financial situations, by gender, generation and race

  Both men and women are more likely to say Trump would be the best candidate for their personal financial situations, but he was more frequently cited by men. Two in five men (40%) say Trump would be the best candidate for their personal financial situations, compared with 34% of women.

  About a 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 situations, compared with 11 percent of men.

  Older generations are more likely to say Trump would be the best candidate for their personal financial situations:

  • Generation Z: 24 percent

  • Y generation: 30 percent

  • Generation X: 44 percent

  • Baby Boomer Generation: 44 percent

  On the other hand, a roughly equal percentage of Gen Z, millennials and baby boomers say Biden would be best for their personal financial situations:

  • Generation Z: 34 percent

  • Y generation: 32 percent

  • Generation X: 25 percent

  • Baby boomer generation: 35 percent

  When comparing opinions by racial demographics, white and Hispanic Americans are the most likely 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 most likely 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 less likely to vote for Biden because of his handling of the economy

Biden’s response to the economy has impacted his favorability with a large percentage of Americans, according to the Bankrate poll. Nearly half (46 percent) of U.S. adults say that 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% said that regardless of who they vote for in the 2024 election, they are more likely to vote for Biden because of his handling of the economy. That includes 14% who are much more likely to vote for him and 12% who are somewhat more likely.

Source: Bankrate Survey, June 12-14, 2024

Observation: Percentages may not total 100 due to rounding.

Regardless of who they vote for in the 2024 election, Republicans are overwhelmingly less likely to vote for Biden because of his handling of the economy, with 84% saying so. In contrast, 56% of Democrats say they are more likely to vote for Biden because of his handling of the economy, regardless of who they vote for, and 31% said they were neither more nor less likely.

More than half (56 percent) of independents say that regardless of who they 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 labor market is showing signs of slowing, while inflation is still stubbornly high. Most economists still expect the Fed to cut interest rates this yearBut that’s only if the data allows. Hamrick says it’s unclear whether Americans will get better news on inflation until after the election.

“Many have felt the pain of reduced purchasing power stemming from high prices and high borrowing costs,” Hamrick says. “At the same time, it’s possible the Federal Reserve could begin cutting interest rates this fall.”

To know more: What is the federal funds rate?

• Methodology

  Bankrate commissioned YouGov Plc to conduct the survey. All figures, unless otherwise noted, are from YouGov Plc. The total sample size was 2,000 U.S. adults. The margin of error (adjusted for weights) is +/- 2.45 percentage points. Fieldwork was conducted between June 12 and 14, 2024. The survey was conducted online and meets rigorous quality standards. It employed a non-probability sample using both quotas upfront during collection, followed by a sample matching process, and then a back-end weighting scheme designed and proven to provide nationally representative results.

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