Nearly 60% of Americans fear election result will hurt their savings

55% of Americans have been saving extra ahead of the election

A majority of Americans are concerned that the outcome of the 2020 presidential election will damage their financial well-being, according to new research by Oxygen.

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Some 55% have been saving more in preparation, Oxygen found, and nearly 60% are concerned about their financial stability afterward.

For some -- roughly 32% -- the push to start saving began four years ago, when Hillary Clinton lost the 2016 presidential race to Donald Trump.

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About 62% of Democrats are worried about their savings, compared with 60% of Republicans.

Overall, Gen Xers, about 67%, were shown to be the most concerned, while 55% of Gen Z and 65% of Millennials are worried.

(AP Photo/Mary Altaffer, File)

Baby Boomers appear to be fazed the least. About 63% aren't worried that the election's results will hurt their savings and haven't been stashing extra cash as a result.

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In addition to the election, more than 60% of Americans fear that another wave of the COVID-19 pandemic will reduce their wealth.

The disease, which has killed more than 230,000 Americans, prompted the closure of a wide swath of businesses this year. Many have only partially reopened, leading to the worst downturn since the Great Depression.

Roughly 40% of the nation's labor force has sought jobless aid since mid-March, and many employers say more layoffs are in store.

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Once the election passes, Hussein Ahmed, founder and CEO of Oxygen, hopes to focus on "helping people who are struggling personally and financially" while also "helping small businesses get through this trying time."

Oxygen based its conclusions on a survey of more than 1,000 Americans.

FOX Business' Megan Henney and FOX News' Julia Musto contributed to this report. 

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