National Survey Reveals Confidence in Financial Position and the U.S. Government Could Discourage Millions from Voting in 2024

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Jan 09, 2024, 14:25 ET

Largest impact will likely be among Millennials and Gen X

GREENSBORO, N.C., Jan. 9, 2024 /PRNewswire/ -- A lack of confidence in financial positions, heightened worries about the future, and frustration with the current state of U.S. politics have the potential to keep millions of American voters on the sidelines in 2024. Although economic results continue to be largely positive, a recent nationwide survey conducted by Sales Factory, a data-driven insights and marketing company, highlights the financial concerns that many Americans are experiencing as they enter 2024. The survey conducted in late November 2023 polled 801 Americans (21+) representative of the U.S. population.

Key findings include:

Lack of Financial Confidence: Only 58% of respondents expressed confidence in their financial position as they ushered in 2024.

COVID's Lingering Impact: Nearly half (47%) of participants feel their finances are worse today than they were before COVID-19.

Generation X's Financial Struggles: Among the generations surveyed, Gen X emerged as the least confident, with only 48% expressing confidence in their financial positions. This demographic often bears the responsibility of financially supporting their Millennial children and providing care for aging Baby Boomer parents.

Savings Dilemma: Looking ahead, 35% of respondents believe they will never make or save enough money to accomplish their life goals, adding to their distress.

Heightened Worries About the Future: A striking 48% of participants admitted to being more worried about the future than ever before, indicating a pervasive sense of uncertainty.

Erosion of Confidence in Government May Discourage Voting: Concerns extend to politics, with 27% of respondents feeling that the U.S. Government is in such disarray that it is hardly worth voting. Millennials (34%) are most likely to hold this view, followed by Gen X (24%) and Baby Boomers (16%).

Call for Right Candidate: In contrast, 74% of Baby Boomers believe that standing by the right candidate is the only way to fix the country, a significantly higher proportion than Gen X (56%) and Millennials (47%).

"These findings are a stark reminder of the potentially significant impact that the financial struggles and uncertainties that many Americans face could have on the upcoming elections," said Ged King, chief executive officer for Sales Factory. "There was a record turnout of voters in 2020, with nearly 160 million Americans voting in the general election. If 34% of Millennials and 24% of Gen Xers opt not to vote because they believe that the Government is in such bad shape, the impact on the election would be substantial."

About Sales Factory:
Established in 1984, Sales Factory is a data-driven marketing and insights company that partners with brands to drive sales online and at retail. The company's services include research, branding, strategy, digital, and e-commerce. Sales Factory employs more than 60 team members in Greensboro and Raleigh, N.C.

SOURCE The Sales Factory, Inc.