While that may be an unfair generalization, a new survey finds a connection between one’s political affiliation – and one’s thriftiness (1).
Republicans and those identifying themselves as independent voters were more likely to be making plans for saving more, according to a Harris online poll of 2,335 US adults.
Forty-three percent of Republicans were planning to save more in the year ahead, as were 44% of independents, while 27% of Republicans and 28% of independents were planning to save more for retirement. That compares with just 35% of Democrats looking to save more, and a mere 22% planning to save more for retirement.
Republican savings behaviors may simply be reflecting their relative optimism about their economic prospects; 30% said they were more secure about their financial situation, compared with just 14% of Democrats. Moreover 25% of Republicans said they thought the economy would improve this year, versus just 11% of Democrats.
On the other hand, independents – who were just about as pessimistic about the economy and their individual financial fortunes as Democrats – were just as committed to saving more as those more optimistic Republicans in the poll taken between December 4 and 12.
(1) I need no reminders that the GOP-dominated Congress proved to be just as “prolific” at spending, given the chance.