President Trump's first 100 days in office haven't made investors overly optimistic or pessimistic, but they haven't made them confident, either.

According to a report by Bankrate.com, 38% of Americans believe that a turbulent political environment poses the greatest threat to the United States economy over the next six months. Political and economic instability overseas (19%), terrorism (14%), rising interest rates (10%) and a decline in the stock market (9%) are all far lesser concerns.

Back in September, amid the uncertainty of the presidential campaign, 61% said the outcome of the election was the biggest economic risk over the next six months. The election's result didn't do much to assuage fears, as the political environment in Washington remained the top economic risk cited by every age, income, gender, racial/ethnic group and political affiliation.

"Our survey indicates that many Americans feel they have a lot riding on what elected leaders do - or don't do - in Washington," says Mark Hamrick, Bankrate.com's senior economic analyst. "After all, it's taxpayers who end up footing the bill and consumers who could stand to lose or benefit."

Democrats, higher income households and college graduates are the most likely to cite the political climate as the biggest economic risk, whereas those concerns were fairly evenly distributed back in September. Younger millennials (18-26 year-olds) are more likely than older adults to point to political or economic instability overseas. Meanwhile, interest rate worries doubled since September, with the Federal Reserve hiking interest rates twice in during that span. Even President Trump's allusions to tax reform haven't helped.

"In the eyes of financial markets, apparently all the concerns about North Korea, Syria, et al. have been vanquished as the euphoria about tax reform has taken over," says Greg McBride, Bankrate.com's chief financial analyst. "Wake me when something actually gets signed into law."

But that's the issue: investors are still waiting for legislative direction. High-income investors, especially, have been waiting for the Trump administration to make any sort of effort. Roughly 61% are optimistic about the next year with a little more (66%) optimistic about short-term share performance. While 74% told UBS they'd like to see Trump focus on tax reform next and more than half of investors (56%) want to put extra capital into investment, there's still some hesitation.

"It is encouraging that we continue to see optimism among investors and small business owners rising over time, as well as a willingness to put their capital to work," said Paula Polito, Client Strategy Officer of UBS Wealth Management Americas. "Once investors start to see more progress on initiatives that boost the economy, it seems likely they will be further committed."

That's a big contingency. Fewer than half of investors (47%) approve of the job the administration is doing. Meanwhile, 61% want to see more stability from the administration and 48% want more clarity on the government's focus areas prior to investing. Thus far, the administration's priorities haven't quite hit the mark. Bankrate.com's Hamrick notes that the failure of the president and the Republican-led Congress to repeal and replace the Affordable Care Act was not only a big miss, but left many investors feeling relieved. In fact, 90% of UBS investors say the administration and Congress should have spent more time ironing out the details of their alternative plan instead of rushing.

"The challenge in pushing through a tax reform package of substance might well be even tougher," Hamrick says. "When discussing health care, we're talking about a segment of the U.S. economy. When discussing individual and corporate tax reform, we're basically talking about the entire economy. The split within the GOP over taxes might well be just as difficult to overcome.

While 40% of UBS investors are waiting for lower personal income taxes and more infrastructure spending, they aren't incredibly confident in the administration's ability to do it all. Nearly all investors (91%) believe that investing in infrastructure, particularly U.S. airports, will help the economy. While 74% want to see tax reform next, 67% are less optimistic about the potential results of tax reform based on the outcome of attempts at healthcare reform. Also, though 61% of wealthy investors want the ACA revised, they want a thoughtful and effective solution -- not just a teardown.

If the administration can accomplish any of that agenda, the payoffs could be big. Three-quarters of small business owners (75%) are optimistic about the outlook for their business in the next 12 months, with 54% highly optimistic about an improved business environment with fewer regulations. However, fewer than half (49%) are highly optimistic about it being easier to do business.

Still 66% of small business owners plan to invest more in their businesses and 56% intend to increase hiring. However, 31% still plan to invest less in their businesses and 29% say they will downsize their workforce.

"Investors continue to be positive on the economy's future, but continue to set the bar high for the administration based on promises made during the campaign," said Sameer Aurora, head of client and investor insights for UBS. "Though a number of investors have tempered their optimism as a result of the recent healthcare bill situation, with the right moves, many investors still believe the administration can achieve its goals and set the country on a path for growth."

Editors' pick: Originally published April 28.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.