With the Federal Open Market Committee gearing up to make a decision this week on whether or not to raise interest rates for the first time since the 2008 financial crisis, a new survey finds most American investors don’t feel a hike will negatively impact their finances.
Just 29 percent of those polled say they believe a hike will have a negative impact on their financial situation, while 54 percent say they think it won’t have much of an effect.
According to Gallup, a rate hike will affect young and middle-aged investors more than the elderly.
“Higher interest rates are more likely to negatively affect Americans who intend to borrow or who are paying off an adjustable-rate home mortgage or other loan, rather than nonborrowers,” the polling company said. “Meanwhile, retirees are more likely to see a positive effect from higher rates on savings accounts and interest-bearing investments such as certificates of deposit.”
While most investors don’t fear a negative impact on their personal financial situations, just 19 percent said a rate hike will be good for the overall economy, compared to 48 percent who said it will be a bad decision.
More investors support the Federal Reserve holding off increasing rates than not at 64 percent and 33 respectively.
Federal Reserve Chair Janet Yellen hinted a December increase is likely.
The results of the Wells Fargo/Gallup Investor and Retirement Optimism Index survey are based on questions asked of 1,018 adults with investable assets of $10,000 or more from Oct. 30-Nov. 8, 2015 on the Gallup Daily tracking survey. The poll leave a margin of error of plus or minus four.
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