The associated fee of living stays the largest financial concern for Americans heading into the 2024 election.
A recent survey from the CFP Board, a company for financial planners, found that though inflation has mostly normalized, voters are still feeling the consequences and the elevated cost of on a regular basis expenses could affect what number of vote.
“[Inflation] continues to strain household funds and create mixed perceptions of overall economic conditions and private financial well-being,” the CFP Board said in a report. “Greater than 9 in 10 Americans say that the associated fee of living and inflation are essential considerations as they select who to vote for this fall.”
Voters on each side think the stakes of this election are high, especially when it comes to how the final result could affect their wallets. Almost 80% fear their funds will “deteriorate” if their preferred candidate loses in November.
Trump vs. Harris on inflation and living expenses
Former President Donald Trump and Vice President Kamala Harris have different messages about how they might address voters’ frustrations with high prices.
In an economic address in Pittsburgh Wednesday, Harris argued her administration has a stronger record coping with the recent inflationary period than the leaders of other major nations, and she or he said she would lower prices for consumers by banning corporate price gouging, capping prescription drug costs and taking over landlords over rent hikes.
For Trump and Republicans more broadly, inflation has been certainly one of the foremost attack lines against Democrats, as they blame the present administration for steep price increases since 2021. Trump guarantees to get prices under control by reducing regulation and says he would lower taxes to assist households manage increased costs.
The highest financial issues for voters
While concerns around the associated fee of living and inflation are the highest pocketbook issues, there are several other financial concerns which might be top-of-mind for voters.
The opposite 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 instance, Harris would increase taxes on high-income Americans and corporations, while Trump is looking for tax cuts and says he’d end taxes on Social Security advantages and extra time 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 brand spanking new home construction.
Because the economy takes center stage in the ultimate stretch of the campaign, here’s the total list of survey results from the CFP Board’s poll, which asked voters to point which financial issues are essential to them:
- Cost of living/inflation: 92%
- Growth in income: 85%
- Tax policies: 82%
- Housing costs: 82%
- Rates of interest: 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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