More than the economy or market conditions, Affluent investors currently consider the political climate to be the most serious threat to achieving their financial goals.
More than the economy, the highest percentage of Millionaire households (19 percent) surveyed by Spectrem Group consider the political climate to be the most serious threat to achieving their financial goals at this time, according to a June survey. This is up from 13 percent in March, the last time this question was asked.
The political climate was particularly stormy in June. Early in the month, the political establishment was jolted by the loss of House majority leader Eric Cantor to an unknown candidate backed by the Tea Party. On Capitol Hill, Republicans turned up the heat on President Obama on several scandals, including Benghazi, a controversial prisoner exchange that gained the freedom of Sgt. Bowe Bergdahl, who had been held prisoner for five years, and missing emails related to allegations that the Internal Revenue Service targeted conservative groups applying for tax-free status.
This month, a Gallup poll found that an historically low 7 percent of Americans trust Congress “a great deal” or “quite a lot.” Four-in-ten said they have “some confidence” in their federal lawmakers.
There is less concern among Affluent investors over the past three months with the economy and market conditions. Seventeen percent and 12 percent, respectively, of Millionaire investors, said these two factors were the most serious threats to achieving their financial goals at this time.
Meanwhile, concerns over international news stories and inflation increased. Eight percent of Affluent investors, up from 6 percent in March, said achieving their financial goals was most hindered by international tensions.
In the weeks leading up the Federal Reserve meeting in which the central bank would ultimately announce a further tapering of its stimulus program, 7 percent of Affluent investors pointed to inflation as the factor most impeding achieving their financial goals at this time. This was up from 5 percent three months ago.
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Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.