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Survey: Americans looking toward election results for future of financial decisions

Survey: Americans looking toward election results for future of financial decisions
Posted at 9:13 PM, Oct 28, 2020
and last updated 2020-10-28 21:13:10-04

With the election coming in a matter of days, Americans are waiting with baited breath as a survey found a majority of people expect the outcome of the election to play a role in their personal finances.

According to the Consumer Credit Confidence Survey from Equifax, 69% say the outcome of the election is a significant factor that will impact their future financial decisions.

The survey, which was released on Wednesday, came on the same day that the Dow Jones lost more than 900 points. The markets have taken a tumble in recent weeks as coronavirus cases jump throughout the US.

The survey did find that more Americans (33%) are optimistic about the economy compared to April (27%).

"The pandemic has impacted all aspects of our lives," said Beverly Anderson, President of Global Consumer Solutions at Equifax. "It has forced many consumers to closely manage household finances and reprioritize their available cash. Based upon more deliberate financial management, as well as the impact of some of the stimulus and financial relief programs, we see reductions in consumer debt, higher savings rates and better credit health."