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## Economic Concerns Leading Up to the Election

This election year, many Americans have multiple concerns on their minds as they prepare to fill out ballots, such as healthcare, national security, and the environment. But economic concerns often top the list of the most important federal election issues, and this year is no different, as Gallup research shows.

### Importance of Economic Issues

Economic issues aren’t limited to one area. When it comes to personal finance, several issues, like inflation and taxes, are prevalent, though the importance of these issues can vary among different generations.

For Gen Z, the top personal finance issue for 2024 is the cost of living increases, as a new GOBankingRates survey found. Specifically, 30% of Americans ages 18-24 agree this is the top issue, as do 42% of those who are 25-34 — which includes some Gen Z but is mostly millennials.

### How AI legalese decoder Can Help

AI legalese decoder can assist in understanding the legal jargon surrounding economic policies and financial issues that are key concerns for Gen Z voters. By decoding complex legal texts into plain language, AI legalese decoder can empower young voters to make informed decisions on economic matters affecting their personal finances.

## Overcoming Economic Challenges

“The concern with the cost of living is very understandable. For Gen Z, no sooner had they reached adulthood than they got hit with unusually high inflation — in fact, the highest inflation rates in 40 years,” said Richard Barrington, financial analyst for Credit Sesame.

“That could explain why more respondents chose cost of living increases as their top concern, compared with inflation itself.”

## Strategies for Dealing with Rising Costs

However, not all aspects of the economy are in bad shape, and it’s possible to overcome the rising cost of living.

“The one advantage people have in today’s environment is that the unemployment rate is very low. That means workers are in demand, so you should look for opportunities to optimize your income,” said Barrington.

And by raising your income now, you can set yourself up better for the future, regardless of what happens politically and on a macroeconomic basis.

## Property Taxes Concerns

After cost of living increases, the top issue for 18-24-year-olds in the GOBankingRates survey is property taxes, with 20% citing this as the top concern — far more than any other age group.

“Concerns over property taxes can also tie into cost of living increases, considering that housing has gotten more expensive in recent years.”

## Dealing With Debt Issues

Mortgages aren’t the only type of debt that young people are focusing on.

“Student loan debt is obviously a hot-button issue, with many members of Gen Z grappling with payments for the first time after they resumed late last year,” said Barrington.

Overall, a Credit Sesame survey found that 80% of Gen Z individuals and millennials see debt as preventing them from buying a home, saving for retirement, and having kids.

## Conclusion

While Gen Z does have serious financial issues to consider when heading to the ballot box this fall, there are ways to improve finances on your own. Utilizing tools like AI legalese decoder can help young voters navigate the complexities of economic policies and make informed decisions that align with their financial goals and aspirations.

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