The cost of living remains the biggest financial concern for Americans heading into the 2024 election.
A new survey from the CFP Board, an organization for financial planners, found that even though inflation has mostly normalized, voters are still feeling the effects and the elevated cost of everyday expenses could affect how many vote.
“[Inflation] continues to strain household finances and create mixed perceptions of overall economic conditions and personal financial well-being,” the CFP Board said in a report. “More than 9 in 10 Americans say that the cost of living and inflation are important considerations as they choose who to vote for this fall.”
Voters on both sides think the stakes of this election are high, especially in terms of how the outcome could affect their wallets. Almost 80% fear their finances will “deteriorate” if their preferred candidate loses in November.
Former President Donald Trump and Vice President Kamala Harris have different messages about how they would address voters’ frustrations with high prices.
In an economic address in Pittsburgh Wednesday, Harris argued her administration has a stronger record dealing with the recent inflationary period than the leaders of other major nations, and she said she would lower prices for consumers by banning corporate price gouging, capping prescription drug costs and taking on landlords over rent hikes.
For Trump and Republicans more broadly, inflation has been one of the main attack lines against Democrats, as they blame the current administration for steep price increases since 2021. Trump promises to get prices under control by reducing regulation and says he would lower taxes to help households manage increased costs.
The top financial issues for voters
While concerns around the cost of living and inflation are the top pocketbook issues, there are several other financial concerns that are top-of-mind for voters.
The other most pressing money issues are income growth, taxes and housing — and like with prices, there are key policy differences between the candidates in these areas.
For example, Harris would increase taxes on high-income Americans and corporations, while Trump is calling for tax cuts and says he’d end taxes on Social Security benefits and overtime work. On housing, Harris is promising $25,000 of down payment assistance for first-time homebuyers. Trump’s housing proposals include using federal land for new home construction.
As the economy takes center stage in the final stretch of the campaign, here’s the full list of survey results from the CFP Board’s poll, which asked voters to indicate which financial issues are important to them:
- Cost of living/inflation: 92%
- Growth in income: 85%
- Tax policies: 82%
- Housing costs: 82%
- Interest rates: 81%
- Long-term viability of Social Security: 80%
- Job security: 78%
- Long-term viability of Medicare: 76%
- College costs (including loans): 56%
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