Student Loan Hero survey finds that more than half of Americans are worried that President Trump’s time in office could be bad for their finances and for the economy.
AUSTIN, Texas, February 7, 2018 — Americans are concerned that Donald Trump’s presidency will be bad for their finances, according to a new survey conducted by Student Loan Hero, a leading financial news and education website. Not only are Americans worried about the financial impacts of President Trump’s administration, but thinking about the potential effects causes them stress.
More than half (52 percent) of respondents said they fear the Trump presidency will hurt them financially, while 34 percent of those surveyed aren’t concerned about the impact, and the remaining 14 percent were unsure.
On top of that, the survey finds that thinking about the potential effects of President Trump’s policies cause some degree of stress in 60 percent of respondents. Of those who said they feel stressed when thinking about the Trump administration’s impact on their finances, 59 percent reported anxiety as a result of the stress, while 34 percent cited loss of sleep, and 31 percent felt depressed.
“We already know that money concerns, like those caused by student loan debt, can cause a great deal of stress, including physical symptoms,” said Miranda Marquit, a financial expert with Student Loan Hero. “With all the policy changes in the last year, uncertainty surrounding healthcare, and the sweeping tax reform that just passed, it’s no surprise that many consumers are worried about what the future holds for their finances.”
- When asked if their finances were better off this year than last year due to Trump’s presidency, 60 percent of respondents said no.
- 35 percent of respondents believe President Trump has had a negative impact on the economy, while 31 percent said his effect on the economy has been positive.
President Trump’s tweets and the economy
- 56 percent of respondents think the president’s Twitter activity negatively impacts the economy. 28 percent of Republican respondents believe President Trump’s tweets are bad for the economy.
- 40 percent of respondents who voted for Trump in 2016 believe his tweets have no effect on the economy at all. 15 percent of Trump voters think the impact of the president’s Twitter activity is positive, and 21 percent think it’s a negative impact.
The Trump presidency and financial stress
- 60 percent of respondents reported feeling some level of stress when they think of the Trump administration’s impact on their finances. 18 percent say they feel major stress.
- The top three symptoms reported among those who said they feel stress include anxiety (59 percent), loss of sleep (34 percent), and depression (31 percent). Respondents also reported headaches, fatigue, and upset stomach.
Respondents aren’t sure the Republican tax plan will lower their taxes
- 54 percent of respondents don’t believe their taxes will go down as a result of the recently-passed tax legislation, while 24 percent of respondents expect to see lower taxes. 27 percent of respondents aren’t sure what will happen with their taxes.
- 23 percent of Republicans and 72 percent of Democrats surveyed think their taxes will not go down.
- 51 percent of respondents said the idea of how much they pay each year in taxes makes them feel stressed.
Student Loan Hero conducted this survey via Survey Monkey on December 14, 2017, and collected responses from 504 adults living in the United States. The survey results have a margin of error of ±4 percent.
About Student Loan Hero
Student Loan Hero combines easy-to-use tools with financial education to help the millions of Americans living with student loan debt manage and pay off their loans. Student Loan Hero has helped more than 150,000 borrowers manage and eliminate over $3 billion in student loan debt since 2012 and assists over 3.5 million people in becoming more financially healthy every year.
Student Loan Hero offers both current and former students free loan calculators as well as unbiased, personalized advice and repayment plans through an easy-to-use online dashboard.
Founded in 2012 by CEO Andrew Josuweit, who himself had over $100,000 in student loans, Student Loan Hero operates on the belief that all loan help and recommendations should come with honesty and no hidden agenda.
For more information, visit studentloanhero.com.