9 Ways Trump’s Economy Could Boost Your Bank Account, According to an Expert

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Jeff Bartlett, co-founder and general manager at GOBankingRates, broke down how strong economic growth under President Donald Trump could directly benefit your bank account — from higher wages to better credit access.

Higher Wages and Job Security

“Strong economic growth often leads to increased demand for workers,” Bartlett said. “Businesses expand during economic growth, creating more openings.”

This can lead to raises, bonuses and more promotions to attract and retain talent, as well as greater job stability.

“Companies are less likely to downsize when sales and profits are rising,” Bartlett said, which means less worry about layoffs and more confidence in your financial future.

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More Job Opportunities

Economic expansion encourages businesses to grow — opening new locations, launching products and increasing production.

“Unemployment tends to fall, giving people more choices and bargaining power,” Bartlett said.

With more options, you can negotiate better pay, benefits or working conditions.

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Stronger Retirement Account Performance

“A growing economy boosts corporate earnings, pushing up stock prices,” Bartlett said.

If you have a 401(k), IRA or brokerage account, you’ll likely see your account balances grow, helping you build a more secure retirement.

Easier Access to Credit and Loans

“Banks are more willing to lend in a strong economy,” Bartlett said.

This can mean easier approval for loans and credit cards, lower interest rates and better terms for mortgages, car loans or emergency funds. This makes it easier to make big purchases or handle unexpected expenses.

Increased Consumer Confidence and Spending

When people feel good about the economy, they’re more likely to spend money, Bartlett said.

That leads to more business for local shops and restaurants, more jobs and services in your community and a positive cycle of growth and investment. Confidence fuels spending, which keeps the economy strong.