Retirees vote with their wallet, more so than any other group, and therefore command influence. But how they spend their (literal) political capital is as varied as the demographic itself.
After breaking for Republicans early, and accounting for 56 percent of the demographic’s contributions, the group shifted and favored Democrats in the days and weeks before the election.
The Center for Responsive Politics says it’s the biggest contributor of any “industry” tracked by organization.
It’s a reversal of their split four years ago—and “a record amount of midterm money from retirees,” according to The Wall Street Journal.
Surprisingly, it’s the first midterms since the Center began keeping track in 1990 in which retirees favor Democrats over Republicans. That year, the paper adds, retirees went heavy for Democrats, giving 76 percent of their $15 million in contributions to Republicans and 24 percent to Democrats.
As for financial professionals and their affiliates, forget party loyalty and affiliation, they back winners, as would be expected.
The Center notes that in 2006, the securities industry “swung away” from the Bush-led GOP to contribute more to Dems, something that lasted until 2010. But once it became clear Republicans would win big in both chambers, flows reversed.
“During the 2018 election cycle, the 2010 swing is happening again, only this time in the direction of Democrats,” the Center now says.
After giving 52 percent of funds to Democrats through the first 21 months of the election cycle, “the industry gave 71 percent of its $7.86 million in campaign contributions to Democrats in the most recent pre-general election FEC filing period from Oct. 1 to Oct. 17.”
Those who listed finance specifically as their profession had a 21 percent swing toward Democrats in the contributions made.
The Center for Responsive Politics bills itself as a non-profit, nonpartisan research group based in Washington, D.C. that tracks election spending and contributions. It was founded in 1983 by former Senators Frank Church, D-Idaho, and Hugh Scott, R-Penn.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
