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Will the election result affect your finances?

Will the election result affect your finances?

Category: Money

Updated: 06/05/2015
First Published: 06/05/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The election is almost upon us, but after you've decided on the candidate you're voting for, thoughts could well turn to how it'll affect your finances. It could even have a bearing on who gets your vote, but what about the longer term effects? Will the result have any impact on your spending habits?

According to research from Freedom Finance, the majority are unconcerned, with 60% of those surveyed stating that the election won't be the deciding factor on whether they make a major purchase or expenditure this year. Just 18% said they would await the outcome before deciding whether or not to make a major purchase, while a further 22% said they'll probably go ahead regardless of the result.

As for what would deter them from spending? Well, the biggest concern identified by 33% of respondents was a change in interest rates, while 22% said that wage prospects could have the greatest bearing on their decision. Despite this, consumer confidence does seem to be returning, with the most popular big ticket purchases respondents are planning to make being a holiday (30%) or home improvements (30%), while 5% plan on spending money on a wedding.

Nicola Georgiou, managing director of Freedom Finance, comments: "The common wisdom is that uncertainty around the election tends to dissuade people from making important purchases or large investments. However, our research suggests otherwise.

"The majority of families are still planning on going ahead with planned major financial purchases despite uncertainty surrounding growth forecasts, house prices, rental rates and job prospects. In actual fact, interest rates remain the single most important factor for many families when planning a major purchase, rather than who occupies Number 10 on 8 May."

What next?

Planning that big ticket purchase no matter the outcome? Then check out the best personal loan rates and credit card deals

Compare savings accounts to fund your spending

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
 
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