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.

Trump vs. Harris on inflation and living expenses

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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According to a recent survey conducted by the CFP Board, an organization for financial planners, the cost of living remains the top financial concern for Americans heading into the 2024 election. The survey found that inflation, although mostly normalized, is still affecting voters and could potentially influence their voting decisions. The CFP Board also noted that their research and financial considerations may influence how brands are displayed on their website, and not all brands are included.

The survey also revealed that voters on both sides of the political spectrum believe that the outcome of the election could have a significant impact on their wallets. Almost 80% of respondents fear that their finances will suffer if their preferred candidate does not win in November.

Former President Donald Trump and Vice President Kamala Harris have different approaches to addressing voters’ concerns about high prices. In a recent economic address, Harris argued that her administration has a stronger record in dealing with inflation compared to other major nations. She also proposed measures such as banning corporate price gouging, capping prescription drug costs, and taking on landlords over rent hikes. On the other hand, Trump and Republicans have been using inflation as a major attack line against Democrats, promising to reduce regulations and lower taxes to help households manage increased costs.

Aside from the cost of living and inflation, the survey also identified other top financial concerns for voters, including income growth, taxes, and housing costs. These issues have become key policy differences between the candidates, with Harris proposing tax increases for high-income Americans and corporations, while Trump promises tax cuts and an end to taxes on Social Security benefits and overtime work. On housing, Harris has proposed a $25,000 down payment assistance for first-time homebuyers, while Trump’s plans include using federal land for new home construction.

As the economy takes center stage in the final stretch of the campaign, the CFP Board’s survey results highlight the importance of financial issues for voters. The full list of results, which asked voters to indicate which financial issues are important to them, includes the cost of living/inflation, growth in income, tax policies, housing costs, and interest rates. 

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