4 in 10 Investors Have Changed Their Retirement Savings or Portfolio Ahead of 2026 Midterm Elections

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Oct 14, 2026, 09:05 ET

Three fourths of advisors agree that this election environment is more disruptive to client planning than prior cycles as they urge clients to stay focused on long-term goals

Key takeaways:

Three in four investors say the outcome of the midterm elections could have a meaningful impact on their long-term financial plan, and four in 10 have already made changes to their retirement savings or portfolio in anticipation
Investors' outlooks are split by party and generation: recession concerns have reversed along party lines since 2024, and Gen Z investors are more than four times as likely as Baby Boomers to have made changes ahead of the midterms
Advisors are urging a steadier hand, with more than six in 10 saying that not changing investment strategies is the best course of action in an election year, up from 52% in 2024

COLUMBUS, Ohio, Oct. 14, 2026 /PRNewswire/ -- The 2026 midterm elections are still weeks away, but for many investors, financial anxiety has arrived early. New data from the Nationwide Retirement Institute^® reveals a nation of investors bracing for impact, split by party and generation, while their advisors urge a steadier hand.

More than half (56%) of investors say the upcoming midterm elections are making them feel more anxious. Beyond short-term nerves, 75% of investors agree the outcome of the midterm elections could have a meaningful impact on their long-term financial plan.

That anxiety is driving action. Two in five investors (40%) say they have made changes to their retirement savings or portfolio in anticipation of the midterms, including 15% who moved money into more conservative or lower-risk investments and 13% who diversified into different asset classes or sectors.

Investors are also looking to advisors for support. Nearly three in four investors (73%) want their advisor to provide guidance about the financial impacts of the midterms on their financial plan.

"Political anxiety isn't emerging in a vacuum; it's colliding with an economy that already has investors on edge from ongoing inflation and rising interest rates," said Mark Hackett, chief market strategist for Nationwide's Investment Management Group. "As a result, we're seeing some investors move from concern to action, whether that means adjusting portfolios or seeking out strategies they believe will perform better in today's uncertainty. However, history tells us that, while election results may contribute to volatility, they typically have little impact on long-term investment outcomes, regardless of which party gains or loses power."

Party lines are shaping how investors see the market

Partisanship is heavily coloring investors' views on economic risk, and many believe the other side is more likely to negatively impact the economy. More than three in four investors (76%), including 77% of both Democratic and Republican investors, expect the results of the election to greatly impact the economy if the party they do not support wins. Far fewer feel the same about their own party, with divisions along party lines: 62% of Republican investors believe a win by their own party will have no economic impact at all, compared to 46% of Democratic investors.

Recession concerns have also flipped along party lines since the last major election. In 2024, more than eight in 10 Republican investors (84%) were concerned about a U.S. economic recession occurring in the following year, compared to 67% of Democratic investors. Republican investors were also more likely to believe a win by the party they least align with would trigger a recession within 12 months (44% vs. 26% of Democratic investors). Two years later, the roles have switched: nearly nine in 10 Democratic investors (89%) are concerned about a U.S. economic recession in the next 12 months, compared to 68% of Republican investors.

Today, it's investors who align with the Democratic Party and Independents who have soured on their retirement prospects. Nearly one in four Democratic investors (23%) and one in five Independent investors (20%) say they now plan to retire later due to the events of the last 12 months, compared to 12% of Republican investors.

"People typically have strong feelings about politics, and there's nothing wrong with that. However, it's important to recognize the influence political views can have on the decisions we make, including how we invest money for the future," said Hackett. "This is a critical topic for financial advisors to address, helping clients avoid emotional decision-making and stay focused on the fundamental drivers of investment performance instead."

The generational divide: Gen Z overhauls portfolios while Baby Boomers stay the course

A striking split in how younger and older investors respond to election season has emerged, with a more than fourfold gap in reported action. Nearly three in four Gen Z investors (72%) say they have made changes to their retirement savings or portfolio in anticipation of the midterm election outcomes, compared to just 17% of Baby Boomer investors. Likewise, more than a quarter of Gen Z investors (27%) report they have consulted a financial advisor specifically about election-related risks, compared to just 4% of Baby Boomers.

The upside for advisors: Gen Z is far more open to guidance. Nearly eight in 10 Gen Z investors (79%) want their advisor to provide guidance on the financial impact of the midterms, compared to 63% of Baby Boomers. That openness gives advisors an opportunity to engage younger clients early and help them build long-term habits that can reduce the risk of short-sighted, emotional decision making in the future.

Advisors urge perspective and an eye on fundamentals

Financial professionals are largely attuned to investors' sentiments: this year's elections are creating turbulence for their clients. In fact, three fourths (75%) of advisors agree that the 2026 midterm election environment is more financially disruptive to client planning than prior election cycles.

Despite their clients' concerns, advisors are far more skeptical that election outcomes should inspire portfolio changes. This gap speaks to the reassurance advisors can offer clients regardless of political affiliation. More than six in 10 advisors (63%) say it is true that, in an election year, the best course of action is to not change investment strategies, an 11-percentage-point increase from the 52% of advisors who said the same in 2024. Moreover, nearly a quarter (23%) advise strongly against such changes and are explaining the long-term risks of reactive decisions.

Rather than making reactive moves, advisors are leaning on planning strategies designed to hold up regardless of election outcomes, increasing their focus on a few key actions:

Nine in ten (90%) have increased focus on incorporating tax-efficient retirement income solutions for clients.
88% are focusing on asset diversification.
84% are increasing focus on identifying guaranteed income solutions for clients.

"As we approach this year's midterms, both sides of the aisle continue to inundate voters with noise. In environments like this, it's more important than ever for advisors to reinforce sticking to long-term plans," said Hackett. "Advisors can use this time to discuss solutions such as annuities that may help reduce market-related concerns while providing a source of guaranteed retirement income, regardless of how the political landscape evolves."

Nationwide offers resources to help advisors facilitate conversations with their clients during election cycles, including this whitepaper by Mark Hackett, which explores how they can help investors tune out the noise of political headlines and focus on their long-term financial goals instead.

For more insights on this survey data, see our infographic.

This material is not a recommendation to buy or sell a financial product or to adopt an investment strategy. Investors should discuss their specific situation with their financial professional.

Nationwide's Retirement Institute survey, formerly known as the Nationwide Advisor Authority survey, explores critical issues confronting advisors, financial professionals and individual investors, and the innovative techniques that they need to succeed in today's complex market.

About Nationwide Retirement Institute Survey: Methodology

The Harris Poll, on behalf of Nationwide, conducted an online survey in the U. S. among 538 advisors and financial professionals and 2,029 investors ages 18+ with investable assets (IA) of $10K+, from August 24-September 11, 2026. Among the investors, there were 1,518 non-retired investors.

Respondents for this survey were selected from among those who have agreed to participate in our surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data for advisors is accurate to within ± 4.2 percentage points using a 95% confidence level. For investors data is accurate to within ± 3.0 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact [email protected].

About The Harris Poll
The Harris Poll is one of the longest running surveys in the U.S tracking public opinion, motivations and social sentiment since 1963 that is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

About Nationwide
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified financial services and insurance organizations in the United States. Nationwide is rated A+ by Standard & Poor's. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; and pet, motorcycle and boat insurance.

For more information about Nationwide and Nationwide's ratings, visit www.nationwide.com or Company Ratings -- Nationwide.

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NFM-25817AO
10/2026

Contact:
Dan Lawall
Highwire
(212) 584-5476
[email protected]

Kristen Vasas-Samson
Nationwide
(614) 249-6349
[email protected]

SOURCE Nationwide