Credit Sesame Examines Whether Credit Standing Influences Top Issues for Voters

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Nov 03, 2022, 14:48 ET

Credit Sesame releases 2022 midterm election member survey identifying inflation and the economy as top issues.

SAN FRANCISCO, Nov. 3, 2022 /PRNewswire/ -- Credit Sesame members of all political affiliations and credit scores agree that inflation and the economy are top political issues in the upcoming midterm elections on Nov 8, 2022. Similarly, respondents with high and low credit scores have comparable views on the importance of most issues ranked, including healthcare, abortion, gun control, student loans and climate change. Members with lower credit scores are more concerned about personal finances, taxes and student loans than members with higher credit scores.

Financial wellness platform Credit Sesame canvassed opinion from a group of participants drawn from its more than 17 million members in the run-up to the midterm elections in November 2022.

Forty-nine percent of participants plan to vote in the midterm elections. A further 25% are undecided about whether to vote and 26% do not plan to exercise their right to vote. Regardless of voting inclinations, inflation, the economy and abortion rank as the hottest political topics across members in both prime (660-850) and subprime (659 and under) credit score categories. Heading into the midterm elections, 62% of subprime members and 62% of prime members are not confident that the country is heading in the right direction. Subprime members are more likely to hold a neutral position as to the direction the country is headed.

Survey highlights include:

Inflation and the economy rank as the most important issues among all respondents.
Healthcare, abortion, gun control, student loans and climate change are more likely to rank as important or very important by all members.
Subprime members are more likely than prime members to rate personal finances, the Russia-Ukraine conflict, education, and healthcare as important or very important.
Prime members are more likely than subprime members to rate foreign policy as important or very important.
When asked what actions members took to counter rising prices in the past year, more prime (17%) than subprime members (11%) claim to have done nothing differently.
Over 43% of all members across all credit scores have cut spending by purchasing cheaper food brands.
Twenty-five percent of prime and subprime members are borrowing more and 28% are using savings to pay bills as a result of rising prices.
Other measures taken by subprime and prime members to counter price rises include buying cheaper clothing (35%), postponing a major purchase (36%), scaling back vacation plans (27%) and saving less (36%).
Forty-six percent of subprime members and 39% of prime members say their finances are worse than a year ago.
Sixteen percent of subprime members and 23% of prime members are confident the country is headed in the right direction.

"This straw poll survey indicates that financial health is on the ballot at this year's midterms," said Adrian Nazari, CEO of Credit Sesame. "Inflation and rising interest rates affect all Americans, including people with prime credit scores. Thirty-nine percent of participants with prime scores said that their personal finances are worse off than a year ago. Credit is essential for financial health and we believe everyone should have access to credit, their credit data and customized tools and advice to help them fully build and leverage their credit towards better financial health".

Credit Sesame Midterm Elections Survey Methodology

The midterm elections survey was completed by 543 members visiting www.creditsesame.com from October 25 through November 1 of 2022. The survey posed several finance-related questions and asked respondents to indicate the relative importance of 18 political issues and which issue was most important to them. Political issues polled included inflation, the economy, abortion, personal finances, healthcare, gun control, crime, immigration, education, taxes, student loans, Russia-Ukraine, coronavirus, climate change, foreign policy, defense budget, federal deficit and trade. These views represent the opinions of Credit Sesame members only and are not representative of the entire U.S. demographic. Aggregate level results have a 95% confidence level with a 4.15% margin of error.

About Credit Sesame

Credit Sesame is a financial wellness platform leveraging the latest technology, AI and analytics to help consumers achieve better financial health and stability and create better opportunities for themselves and their families. Credit Sesame has helped millions of consumers improve their credit scores, increase their approval odds, lower their cost of credit and save money. Strong credit health leads to better financial health and stability, and with Sesame Cash, Credit Sesame helps accelerate consumers' credit and financial wellness in one place. Credit Sesame is funded by leading institutional and strategic investors. It currently operates in the U.S. and Canada. For more information on Credit Sesame, visit www.creditsesame.com and follow on Facebook, Twitter and LinkedIn.

SOURCE Credit Sesame