Young voters, particularly Gen Z, are increasingly prioritizing economic issues like inflation and the cost of living over social and cultural concerns that previously dominated their political engagement. This shift represents a significant change from their past voting habits and has potential implications for both major political parties.
Recent surveys indicate that "inflation/prices" is the top concern for voters under 30, surpassing issues like civil rights and liberties. The cost of living, corruption, and U.S. involvement in foreign conflicts were identified as the top three issues for Americans aged 18-29 in a Harvard IOP youth poll. For this cohort, 65 percent stated the cost of living is "extremely important" in determining their midterm vote. Furthermore, 49 percent of young Americans reported their personal finances have worsened since the previous administration, and 91 percent consider the cost of living important in their voting decisions.
This economic focus marks a departure from earlier trends. As recently as 2020, healthcare, climate change, and racism were top priorities for young voters, according to Gallup. In the 2022 midterm cycle, abortion was the leading concern for Gen Z, ranking 23 points higher than inflation in a Tufts University CIRCLE analysis.
Several factors may be contributing to this shift. The rising cost of living, coupled with concerns about AI's impact on future employment, has created a palpable sense of economic anxiety among young people. Studies suggest that employment in AI-exposed occupations is lower for younger workers, and a significant portion of recent college graduates are not finding full-time jobs related to their degrees. This economic uncertainty leads many to feel they are worse off than their parents were at the same age, with homeownership appearing as an unattainable goal.
This economic preoccupation is also reflected in focus group discussions. Young individuals express frustration with political candidates whose platforms seem to cater to older generations, such as raising taxes for Social Security or lowering property taxes for existing homeowners, without offering immediate solutions for their concerns like rent control, affordable higher education, or accessible healthcare. One 21-year-old from Miami noted that while cultural issues are important, the immediate need to afford necessities like food, gas, and rent takes precedence.
This economic focus among young voters is not entirely unprecedented. Millennials, who came of age during the Great Recession, also prioritized the economy as the top issue in 2008, according to the Harvard IOP youth poll. However, the current sentiment among Gen Z is described as "freaking out" due to economic pressures, rather than simply "growing up" and facing financial realities.
The transition from voting based on social and cultural issues to economic ones could influence voter turnout. Data suggests that non-voters among young people were more likely than voters to cite inflation, cost of living, and unemployment as top priorities. Whether this dynamic will translate into increased engagement and changed electoral outcomes in upcoming elections remains to be seen.