🧠 Theory and Argument:

This article isolates acute financial hardship—short, multi-day spells of being unable to access funds—and shows how it depresses political participation. Building on classic models of political engagement and adding novel theoretical insights, the argument is that these short-lived money shortages induce stress, social isolation, and feelings of alienation, producing immediate negative effects on turnout.

🏦 Natural Experiment: The Sequence of Bank Working Days:

The causal strategy exploits variation in the sequence of bank working days that creates predictable, short-term financial difficulties for poorer individuals. That variation provides a natural experiment for identifying the immediate effect of acute hardship on political behavior.

📊 Evidence From Germany Across Elections and Interviews:

• Administrative and survey data covering roughly three million individuals.
• Personal interviews used to probe mechanisms and lived experiences of hardship.
• Observations from about 1,100 elections across Germany, linking timing of financial strain to both intended and actual voting.

📉 Key Findings:

• Acute financial hardship reduces turnout intentions.
• The same short-term hardship also lowers actual turnout on election day.
• Interview evidence corroborates the proposed mechanisms: heightened stress, social isolation, and alienation during hardship episodes.

⚖️ Why It Matters:

Short-lived financial conditions on election day can change who shows up to vote, with important implications for the political representation of the poor. These results highlight that even brief, predictable disruptions to access to money can shape turnout and thereby affect democratic responsiveness.