MN 2024 Viewpoints: Inflation, Financial Sress, and Economic Confidence
Welcome back to Rapp Strategies’ and Morris Leatherman’s MN 2024: Viewpoints series. Today we’re taking a deeper look at the interplay between the economic confidence of Minnesota’s residents and their political outlook, based on our recent statewide survey.
As we emerge from the economic uncertainty created by the COVID-19 pandemic, it’s encouraging to see that on the surface, Minnesota residents appear optimistic about their financial future. Thirty-nine percent of Minnesotans believe 2024 will be a better year for them financially than 2023 (8% strongly). That’s compared to just 17% who believe it will be worse (1% strongly), and 42% who anticipate it being about the same.
Even respondents who identified as financially stressed share modest optimism. Among this group, 34% think 2024 will be better for them financially, compared to 26% who are preparing for worse.
But if we peek under the hood at the financial confidence of each political party, we see a very different story. Only 8% of Republicans are confident that 2024 will be a better year for them, compared to a sizeable 58% of Democrats and 58% of Independents.
Democrats and Republicans can perceive financial improvement differently. As noted in our previous posts about Minnesota’s confidence in the direction of the state and the nation, financial issues like inflation, the growing national debt, and high interest rates are on the minds of voters across the party spectrum.
Inflation ranked fourth among eleven political concerns tested in our survey, with 75% of respondents saying it was a very or extremely serious concern. According to our survey, 79% said it has forced them to cut back on their spending or limited their ability to save.
Annual income and financial security strongly determined how likely inflation was to make it difficult for people to afford basic items. Not surprisingly, respondents with higher income and more financial security reported fewer changes in spending.
Tomorrow in our MN 2024 Viewpoints series: Grading the 2023 legislative session. We will dissect Minnesotans’ satisfaction with the work of the DFL trifecta and ask how it could impact the sequel in 2024.
Have questions about our findings or want to learn more about how Rapp Strategies and The Morris Leatherman Company can elevate the strategy of your organization? Get in touch at info@rappstrategies.com.
Results are based on Rapp Strategies and The Morris Leatherman Company’s statewide survey, conducted December 8-20, 2023. The study contains the results of a random sample of 800 randomly selected adult residents in the State of Minnesota, interviewed via telephone. Cell phone-only households were 54% of the sample, while landline-only households were 9%. Results of the sample reflect the entire population of Minnesota based on census data. Results were not reweighted, and are projectable to all Minnesotans with a margin of error of ±3.5% in 95 out of 100 cases.