The fact that the presidential election is over has not stopped Americans from worrying about it, according to the eighth annual New Year’s Resolution Survey conducted by Allianz Life Insurance Company of North America.
The 2016 presidential election was the most worrisome topic for respondents both before (53 percent) and after (47 percent) the outcome was decided, the survey says.
The election beat out terrorism, identify theft and stagnant wages as the biggest source of financial angst. Allianz surveyed 1,110 people before the election and 1,005 after.
Meanwhile, 55 percent of respondents say they expect their finances to improve or not be impacted by the election. The rest of the respondents reported a negative outlook, with 21 percent saying they are ‘terrified’ the market will crash leading to another great recession and 24 percent saying they probably will lose money in the near future.
Stress levels have risen with 42 percent saying they are more stressed now than they were in the past, compared to only 36 percent expressing that opinion a year ago. Twenty-nine percent of the respondents, the highest rate in the study’s history, say they are more likely to look for help from a financial professional in 2017 than they were this year.
Asked what their bad habits were during the past year, 30 percent say they spent money on things they did not need, 23 percent say they didn't save enough money, and an equal percentage say they saved nothing at all.
Regarding resolutions for the New Year, the most common goal was to get healthier, followed by building an emergency fund, paying off credit card debts, increasing retirement savings and creating a budget.