Political Influences on Personal Finance

Kimberly Watson, Editor in Chief
July 11, 2012 /

About fifty percent of one thousand respondents in a survey are still not committed regarding which of the candidates will serve them best regarding their personal finances. Although, it shows there is willingness for some voters to commit at least partially, on the present and future state of their financial positions, there is also indecision as to who could provide prosperity in the long term.

One indication of concern is that serious consideration is being given by voters to their financial prospects and how they could be changed by the various promises made by the candidates. This concern is directed towards their true value, when related to present and potential financial conditions.

Another area of anxiety, is that besides the revelation of uncertainty by the voters in America, is whether they have sufficient financial education to accept responsibility for the own economic future! This is substantiated to a certain extent, by various studies inducting that the present generation of relatively young potential voters, do not have a workable financial education.

Statistics supported this, showing an average debt factor in America, for adults aged 18 to 29 is $45,000. The rate of unemployment for this voter segment is 12.4%, compared with a national figure of 8.2%. This creates a reasonable perception, that a relatively large number of Americans do not have the financial education to create savings and realistic disposable wealth.

This is an issue not restricted to the United States. In the United Kingdom for example; the reliance on society for support was disregarded in the nineteen eighties. It was determined that it created dependency and limited the creation of wealth. This resulted in the privatization of a variety of industries. It also induced the need for UK citizens, to obtain financial education and establish their own economic security.

However excessive that policy may seem, it proved the fact that when circumstances demanded, individuals could develop a higher significant level of financial education and resultant independence. This is achieved by an initial motivation to change attitudes and a behavior pattern related to reliance and dependence. Support for these changes should be developed with the ambition to take control of their economic situation by self discipline and financial education.

From the basics of financial education, American citizens can develop to a stage where they have the knowledge and capacity to control their finances. This would provide them with the long term security that would not be reliant on the whims and promises of political salespersons.


Share your opinion

SEO Powered By SEOPressor