US Consumers' Financial Plans Divided Across Party Lines

(31 August 2020)  The world's attention may be pivoted to the upcoming US election and whether Trump will be re-elected, but Americans are divided on more things than just their preference for president. Spending and consumption also appear to be divided across party lines, according to data from the Prosper Insights and Analytics August 2020 survey.

• Among the 7,000+ US consumers ages 18 and older who participated in the survey, consumers who self identify as preferring the Democratic Party are playing things closer to the vest when it comes to critical financial decisions. They are being more considerate, saving more, and deferring purchases they want to make in favor of the purchases they really need. 
• In contrast, their Republican-leaning counterparts have no plans to reduce spending or make any sort of changes in their spending and consumption habits. In addition, they are buying stocks more aggressively hoping to take advantage of the rising stock market.