Click here to close now.

Welcome!

News Feed Item

Democrats and Republicans Sharply Divided on 2014 Economic Prospects

Americans weigh in on their financial plans for the new year, as well as 2013's successes and failings

NEW YORK, Jan. 6, 2014 /PRNewswire/ -- As one year draws to a close and another begins anew, it's time for Americans to plan out the year to come. What financial resolutions might they be making? And what sort of economic changes do they expect 2014 to bring for the nation as a whole? A recent Harris Poll finds the pessimistic outlook that the economy will get worse (32%) slightly overshadowing the belief that it will improve (27%), though the most prevalent opinion is that the economy will stay the same (42%).

(Logo: http://photos.prnewswire.com/prnh/20100517/NY06256LOGO )

These are some of the results of The Harris Poll® of 2,311 U.S. adults surveyed online between December 11 and 17, 2013 by Harris Interactive. (Full results, including data tables, can be found here)

It is noteworthy that Americans are more likely than last year to believe the economy will stay the same (up 11 percentage points from December 2012), while drops are apparent both for the belief that the economy will improve (down 6 points) and that it will get worse (down 4 points).

  • Americans show deep divisions on this issue by political party, with Democrats nearly four times as likely as Republicans to believe that the economy will improve (46% Democrats, 12% Republicans) and the inverse true for the perception that it will get worse (47% Republicans, 13% Democrats). Both parties, as well as Independents, are equally likely to ascribe to the belief that it will stay the same (41% each).

Reflecting on 2013; Planning for 2014 
Americans were asked about their financial plans for the year ahead, as well as what they planned on doing in 2013 - and whether or not they followed through on such plans.

Americans report a solid follow-through ratio for 2013 financial plans. Among those who indicated they had planned on taking a series of financially "responsible" actions in 2013, those who did follow through on such plans consistently outpaced those who did not. 2013 plans showing the best follow-through rates include:

  • "Cut back on my household spending" (49% planned and followed through vs. 15% planned but did not),
  • "Pay down my level of debt" (41% and 15%, respectively),
  • "Undertake home improvements that increase the value of my home" (22% and 10%, respectively) and
  • "Get rid of one of my credit cards" (19% and 8%, respectively).

Turning to the year ahead, nearly half of Americans (45%) say they expect to cut back on household spending in 2014, while four in ten each plan on paying down their level of debt and saving more (40% each). Nearly one-fourth (23%) plan on saving more for retirement and 15% each plan on getting rid of one or more credit cards and undertaking home improvements that increase the value of their home.

Financial plans for the coming year are similar to those seen a year ago, though there has been slight growth in planned saving, with stated intentions to save more in general and save more for retirement both up three percentage points.

Looking further back, Americans are considerably less likely than five years ago (the first year this question was asked) to say they plan to cut back on spending in the year ahead (down 10 points) and to get rid of one or more credit cards (down 9 percentage points).

Renewed dedication of self delusion? 
Americans who tried and failed to make financial changes in 2013 appear to be doubling down, so to speak, with those who intended a change in 2013 but didn't follow through consistently more likely than the general population to say they expect to make such a change in 2014. Top examples include:

  • "Cut back on my household spending" (45% of Americans plan on doing so overall; 61% of those who intended to do so in 2013 but didn't follow through intend to do so),
  • "Pay down my level of debt" (40% and 68%, respectively),
  • "Save more in the year ahead" (40%, and 51%, respectively),
  • "Save more for retirement" (23% and 36%, respectively),
  • "Get rid of one or more credit cards" (15% and 53%, respectively) and
  • "Undertake home improvements that increase the value of my home" (15% and 39%, respectively).

To see other recent Harris Polls, please visit the Harris Poll News Room.

Want Harris Polls delivered direct to your inbox? Click here!

Methodology 
This Harris Poll was conducted online within the United States between December 11 and 17, 2013 among 2,311 adults (aged 18 and over). Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was also used to adjust for respondents' propensity to be online.

All sample surveys and polls, whether or not they use probability sampling, are subject to multiple sources of error which are most often not possible to quantify or estimate, including sampling error, coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments. Therefore, Harris Interactive avoids the words "margin of error" as they are misleading. All that can be calculated are different possible sampling errors with different probabilities for pure, unweighted, random samples with 100% response rates. These are only theoretical because no published polls come close to this ideal.

Respondents for this survey were selected from among those who have agreed to participate in Harris Interactive surveys. The data have been weighted to reflect the composition of the adult population. Because the sample is based on those who agreed to participate in the Harris Interactive panel, no estimates of theoretical sampling error can be calculated.

These statements conform to the principles of disclosure of the National Council on Public Polls.

The results of this Harris Poll may not be used in advertising, marketing or promotion without the prior written permission of Harris Interactive.

The Harris Poll® #1, January 6, 2014 
By Larry Shannon Missal, Harris Poll Research Manager

About Harris Interactive 
Harris Interactive is one of the world's leading market research firms, leveraging research, technology, and business acumen to transform relevant insight into actionable foresight. Known widely for The Harris Poll®, Harris offers proprietary solutions in the areas of market and customer insight, corporate brand and reputation strategy, and marketing, advertising, public relations and communications research across a wide range of industries. Additionally, Harris has a portfolio of multi-client offerings that complement our custom solutions while maximizing a client's research investment. Serving clients worldwide through our North American and European offices, Harris specializes in delivering research solutions that help our clients stay ahead of what's next. For more information, please visit www.harrisinteractive.com.

Press Contact:
Corporate Communications
Harris Interactive
212-539-9600
[email protected]

SOURCE Harris Interactive

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Enterprises are turning to the hybrid cloud to drive greater scalability and cost-effectiveness. But enterprises should beware as the definition of “policy” varies wildly. Some say it’s the ability to control the resources apps’ use or where the apps run. Others view policy as governing the permissions and delivering security. Policy is all of that and more. In his session at 16th Cloud Expo, Derek Collison, founder and CEO of Apcera, explained what policy is, he showed how policy should be arch...
"We have seen the evolution of WebRTC right from the starting point to what it has become today, that people are using in real applications," noted Dr. Natasha Tamaskar, Vice President and Head of Cloud and Mobile Strategy and Ecosystem at GENBAND, in this SYS-CON.tv interview at WebRTC Summit, held June 9-11, 2015, at the Javits Center in New York City.
The 3rd International WebRTC Summit, to be held Nov. 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 15th International Cloud Expo, 6th International Big Data Expo, 3rd International DevOps Summit and 2nd Internet of @ThingsExpo. WebRTC (Web-based Real-Time Com...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world...
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, discussed how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at th...
Countless business models have spawned from the IaaS industry. Resell Web hosting, blogs, public cloud, and on and on. With the overwhelming amount of tools available to us, it's sometimes easy to overlook that many of them are just new skins of resources we've had for a long time. In his General Session at 16th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, broke down what we've got to work with and discuss the benefits and pitfalls to discover how we can best use them to d...
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US a...
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the...
"We got started as search consultants. On the services side of the business we have help organizations save time and save money when they hit issues that everyone more or less hits when their data grows," noted Otis Gospodnetić, Founder of Sematext, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
"CenturyLink brings a full suite of services to the table and that enables us to be an IT service provider," explained Jeff Katzen, Director of the Cloud Practice at CenturyLink, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
"In the IoT space we are helping customers, mostly enterprises and industry verticals where time-to-value is critical, and we help them with the ability to do faster insights and actions using our platform so they can transform their business operations," explained Venkat Eswara, VP of Marketing at Vitria, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.