Data & Research
Political Differences
Democrats are frequently characterized as “tax and spend″ by those on the other side of the political spectrum.
Reported by Nevin E. Adams
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.