Democrats are more optimistic about the country's and their own financial future than Republicans, according to a new survey by Aviva USA.
The survey found that 33 percent of Democrats expected the economy to get better, compared with 16 percent of Republicans. Democrats are also more than 50 percent more likely than Republicans to expect their own household financial situation to improve over the same time period.
"Economic uncertainty remains high across America, with a low appetite for investment risk and consumers remaining generally cautious about their finances," said Matt Spackman, Aviva USA vice president of customer insight and analytics. "According to the survey, Democrats feel more positive about the country's and their own financial future. However, regardless of party affiliation, this survey confirmed how prevalent economic concerns still are for most Americans."
Financial issues are still a major problem for most Americans, the survey found. Just 27 percent of Americans believe they have enough savings to cope with the unexpected and nearly six in 10 expect to work beyond the normal retirement age.
"Just seven of 10 U.S. respondents have a savings account, just under half report they own life insurance, and slightly more than one-third have investments," Spackman said. "It's no wonder that two-thirds of Americans say life is more risky than it used to be. Many simply do not have the financial backstops they need to deal with life's unexpected events or a plan to sustain them in retirement."