Gen Z Voters: 5 Financial Policies We Want Under a Trump Administration
Written by
Yaël Bizouati-Kennedy
Edited by
Ashley Barnett
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Gen Z — the first digitally native generation — faces a specific set of financial challenges. At the same time, this election will also be the first time voting for many GenZers. In terms of challenges, these young adults have to navigate inflation, exploding rates, and the resumption of student loans — which had been paused for three years. In turn, certain financial policies could benefit this cohort of Americans under a Trump administration.
To put their sentiment in context, more than a third of adults in that generation (39%) said they are very or extremely stressed or worried about making the wrong choices with their money, according to an EY study. What’s more, 69% said their current financial situation is fair or worse, while 32% rate their current finances as poor or very poor, the study found.
In addition, a recent SurveyUSA survey showed that Trump was leading over Vice President and Democratic nominee Kamla Harris with that generation, with 50% of the 18-to-34 group (which includes some millennials) favoring Trump, while 46% favored Harris.
Here are some of Trump’s policies that could be helpful for them and the economy.
Unleashing American Energy Markets and Extending the Current Tax Reform
“Gen Z has soured on the economy primarily because of the current cost-of-living crisis,” said m EJ Antoni, public finance economist at the Heritage Foundation. According to Antoni, three policy proposals for a second Trump administration would “clearly aim at bringing down prices and alleviating today’s stratospheric cost of living” for that cohort.
They include “unleashing American energy markets,” which would reduce the prices of automotive fuel and utilities and bring down prices throughout the economy.
In addition, Antoni argued that Trump plans to extend the current tax reform he signed into law, which could be helpful for Gen Z as it is “saving middle-class Americans thousands of dollars per person annually on average.”
Policies that Address Their Needs and Ambitions
Rene Lacad, a 28-year-old entrepreneur and content creator, said that given Gen Z’s growing influence, these Americans are keen on seeing financial policies that address their needs and ambitions.
“Many Gen Z voters are seeking policies that promote innovation and entrepreneurship reflecting their tech resourceful characteristics,” said Lacad.
For instance, he said that they appreciate initiatives that encourage stability, job opportunities, and financial literacy.
Lacad also noted that Gen Z stresses the significance of accessible systems that enable them to actively engage in and contribute to the economy.
“Taking into account these viewpoints can help shape policies that not resonate with Gen Z but pave the way for a more inclusive and dynamic economic future,” he added.
Policies that Boost Job Creation
Aaron Cirksena, founder and CEO of MDRN Capital, said that Gen Z is feeling a lot of economic pressure — and a Trump/Vance presidency could make a stronger push for increasing jobs among the American workforce — especially appealing in the tech and start-up industries.
“This is something that might appeal to Gen Z, especially those approaching post-grad and in search of jobs,” he said.
Policies that Address Tax Relief
Cirksena also noted that “a big thing” for Gen Z is tax relief.
As he noted, Gen Z, already facing the pressure of the current economic conditions, may be drawn to the idea that Trump may provide tax relief, and with student loans and other financial issues, this can offer more support.
Crypto-Friendly Policies
Carter Feldman, founder of QED Protocol, who founded the world’s first modding platform for Minecraft Pocket Edition, ModPE, in his teens, argued that Democrats, by putting Gary Gensler in charge of the Securities and Exchange Commission (SEC) was a “move to preserve the ossified traditional finance system.”
And this is at odds with young people and the emerging decentralized finance system — or crypto — many of them are building, he added.
“Were the Republicans to win, especially Trump, then we would see crypto adoption accelerate, including the creation of more jobs created by the crypto industry,” he said. “Pro-crypto reforms, including fairer people in charge at the SEC, are what young people want.”
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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