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A growing percentage of Generation Z has been able to vote each year over the past decade. Now, ranging from 11 to 27 years of age, the majority can vote in the upcoming 2024 presidential election. However, according to a recent poll of 18- to 29-year-olds by Harvard Youth, only about half (53%) of young Americans plan to “definitely” vote this year. If you’re on the fence about voting or how it may benefit you, here’s a look at the key issues Gen Z says are most important right now.
Inflation
Inflation skyrocketed after the COVID-19 pandemic, driving up the cost of all items by more than 20% since 2019 . While the rate of the cost increases has since slowed, prices never came back down overall. As a result, it’s no surprise that inflation was rated a top concern by the largest percentage of Gen Zers in the Harvard poll — 64%.
As a Gen Zer, you’re newer to the workforce so your income is generally lower than the income of other generations. Being so, it’s harder to absorb rapidly increasing costs. Policies that focus on bringing inflation down and reducing the cost of necessities like groceries and gas could provide some relief.
Healthcare
According to the Harvard Youth poll, healthcare is the second most prominent concern for Gen Z, as 59% rated it as a top issue impacting the U.S. today. Since children can only stay on their parent’s healthcare plans until the age of 26 , Gen Zers are gradually going to need their own coverage in the coming years. However, coverage can be expensive, especially for the growing percentage of Gen Zers who are self-employed/freelancing .
It’s also worth noting that while Gen Z may not have as many medical expenses as older generations, many are struggling with mental health concerns. The Harvard Youth poll found that 44% of young Americans report feelings of depression and hopelessness, issues that could benefit from medical care. Policies that help to make healthcare more affordable and accessible to Gen Zers should be of concern.
Housing
Housing has also become an important issue, with more than half of Gen Zers (56%) saying it’s one of their top two most prominent concerns. Once the COVID-19 pandemic was in full swing, the Federal Reserve dropped the Fed rate to 0% . Mortgage rates soon followed, hitting record lows in the 3% range and triggering a frenzy in the housing market. The median sale price of homes sold in the U.S. then jumped from $317,200 in Q2 of 2020 to $438,000 in Q3 of 2022 .
While prices have since dropped slightly, the median is still hovering around $420,800 — largely due to inventory shortages. Many people are understandably hesitant to trade in their 3% mortgage rates for rates around 6.5% to 7% . As for rent, the typical U.S. rent is now $2,054 — up 32.8% since the beginning of the pandemic.
The rapid increase in housing costs over the last four years has made it much more difficult for Gen Z to live independently, especially if you’re just coming into adulthood with limited income. As of 2023, just 26% of adult Gen Zers were homeowners, according to a recent report from RedFin. Further, Credit Karma found that 31% of Gen Zers live at home with other relatives. Policies that aim to bring down inflation, interest rates, and housing costs could help more Gen Zers afford housing in the years to come.
Jobs
Jobs are another important issue for Gen Zers. As Gen Z enters the workforce, many are rightfully concerned about the availability of career opportunities. While federal reports show more jobs than unemployed workers, many companies have been downsizing due to the recent economic slowdown. We’ve seen mass layoff after mass layoff along with the cutting of internship programs . Gen Z will benefit from an upturn in the economy that increases company revenues, enabling them to return to a growth phase.
Education and Student Debt
In a 2023 Gallup survey of U.S. adults aged 18 to 34, just 42% had a great deal of confidence in the higher education system, down from 60% in 2015. The top three reported reasons for the lack of confidence were political agendas, wrong focus, and costs/expenses .
Many Gen Zers and younger millennials are questioning the higher education system and whether the costs are worth the returns. The latest data from the National Center for Education Statistics (NCES) shows the average cost of college at four-year institutions ranges from $9,800 to $40,700 per year. Being so, a bachelor's degree can set Gen Zers back anywhere from almost $40,000 to over $160,000, typically in student debt.
Policies that help to make college more affordable, reduce student debt, and focus on aligning the curriculum to keep up with the skills and knowledge Gen Zers need to be successful in the job market could help.
Taxes
Lastly, taxes were a top concern for 43% of Gen Zers in the Harvard Youth Poll. Amidst a tough economy where it’s difficult to afford the bare necessities, policies that reduce taxes for Americans in lower income brackets will be helpful. That could be through tax rate cuts, deductions, or credits.
You Can Help Decide What the Future Looks Like
As a Gen Zer, these and many other issues will have an impact on your day-to-day life. Unfortunately, COVID-19 threw us all for a loop and led to an economic lull over the past few years. However, the next president will hopefully make changes that help us continue to recover and rebound.
As the election approaches, it’s important to think about the key issues impacting people your age and to listen to how each candidate plans to address them. Once you decide which plan you like better, be sure to cast your vote!