Most Democrats (55%) are optimistic about their finances for the year following next month’s elections, while just a third of Republicans and independents feel the same. That’s one of the major findings in Nationwide’s 10th annual Advisor Authority study.
“Touted as one of the most consequential elections in decades, the 2024 presidential and congressional races could pose significant distractions for voters – particularly when it comes to their financial plans and portfolios,” the study notes. “A majority (55%) of investors believe the results of the 2024 U.S. federal (presidential and congressional) elections will have a bigger impact on their retirement plans and portfolio than market performance – up 10 percentage points from just a year ago.”
In anticipation of the election results, investors are bracing for adverse outcomes if their preferred candidates fail to win the White House and Congress. If the political party they least align with gains more power in the 2024 federal elections, one-third of investors (34%) believe the economy will plunge into a recession within 12 months. (However, Nationwide’s Office of Economics believes a recession in the near-term is unlikely unless there is a significant unforeseen event.)
Regarding specific economic concerns related to the party they least align with winning the election, half of investors (50%) believe the cost of living will rise, while one in three believe their taxes will increase within 12 months of the election (34%) or that economic policy will be enacted that will negatively impact their financial future (33%).
Click here for more from the survey.
Four Decades of Excellence: How Wilkerson Transformed a Jeweler's Retirement into Celebration
After 45 years serving the Milwaukee community, Treiber & Straub Jewelers owner Michael Straub faced a significant life transition. At 75, the veteran jeweler made a personal decision many business owners understand: "I think it's time. I want to enjoy my wife with my grandchildren for the next 10, 15 years."
Wilkerson's expertise transformed this major business transition into an extraordinary success. Their comprehensive approach to managing the going-out-of-business sale created unprecedented customer response—with lines forming outside the store and limits on how many shoppers could enter at once due to fire safety regulations.
The results exceeded all expectations. "Wilkerson did a phenomenal job," Straub enthuses. "They were there for you through the whole thing, helped you with promoting it, helping you on day-to-day business. I can't speak enough for how well they did." The partnership didn't just facilitate a business closing; it created a celebratory finale to decades of service while allowing Straub to confidently step into his well-earned retirement.
