Gen X Investors: 4 Financial Policies We Want If Harris Wins the Election
If Vice President Kamala Harris wins the election, Gen X wants to see action. Specifically, many members are hoping she can help improve their financial situation.
They might be nicknamed the “forgotten generation,” as reported by Forbes, but Gen Xers have plenty of thoughts on potential Harris administration policies. Born between 1965 to 1980, many of these voters are thinking about their financial future.
As president, she might be able to institute new policies that directly impact their wallet. Here’s a look at four types of issues Gen X voters told GOBankingRates they’d like Harris to focus on if she’s elected.
Also here are five of Gen X’s biggest financial regrets and how to fix them.
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More Green Initiatives and DEI Efforts
“If Harris captures the presidency, I’d like to see her continue with the multiple green initiatives from the Biden administration, as well as DEI efforts, so my 401(k) could benefit from mutual funds and ETFs in renewable energy and DEI training,” said Brenda Christensen, CEO at Stellar Public Relations.
Harris hasn’t specifically highlighted any green initiatives and DEI efforts she would institute as president. However, given her work as vice president, it’s likely these issues would be on her priority list.
In 2021, President Biden signed an executive order to prioritize diversity, equity, inclusion and accessibility in the Federal workforce. The statement announcing this action touted the historic number of diverse leaders appointed by the Biden-Harris Administration.
As for green initiatives, climate activists clearly believe in Harris, as they’ve shown up in droves to support her, as reported by NPR. This isn’t surprising, considering she was an early sponsor of the New Green Deal — when serving as a California senator — and has long record of fighting for the environment.
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Lower Inflation
“Inflation will likely increase, as will interest rates, so I’d like to see her take action, so I don’t have to allocate part of my 401(k) in gold and real estate — which has been key lately,” Christensen said.
If she’s elected, Harris has vowed to fight inflation. At a campaign event on August 16, she noted that inflation is currently down under to under 3% (specifically, 2.9% unadjusted, as of July 2024, as reported by the U.S. Bureau of Labor Statistics).
“Still, we know that many Americans don’t yet feel that progress in their daily lives,” she said. Costs are still too high. And on a deeper level, for too many people, no matter how much they work, it feels so hard to just be able to get ahead.”
In addition to lowering inflation, Christensen said she’ll be closely watching her portfolio if Harris institutes policies that result in stricter regulation.
“Also, I’d like to see her loosen the typical Democratic policies that tend to bring more regulation,” she said. “If not, I’ll be adding any companies that specialize in compliance and regulatory services to my portfolio for growth and to provide stability.”
Financial Support for Caregivers
“Many Gen Xers are leaving jobs or working less hours to care for ill family members,” said Deborah Johnson Miranda, Gen X financial coach and founder of Bee Money Coaching. “This means less investing for retirement and in some cases, dipping into retirement funds to make ends meet.”
While providing care for loved ones might be necessary, taking a pay cut or losing their income entirely can be highly problematic for caregivers.
“The financial impact of this will be devastating,” she said. “I always say that your financial health is intimately connected to your mental health, so I’d like to see policies that invest in people.”
She said Harris could institute polices that allow caregivers to support loved ones in need, without having to devastate their own finances.
“Make wage increases, health insurance and retirement plans mandatory for caregivers,” she said. “Provide paid respite care.”
Social Security Backing
The oldest members of Generation X are nearing retirement age, but that doesn’t necessarily mean they feel financially ready to leave the workforce.
“I’ve spoken to Gen Xers who are worried about not being able to afford to retire in the next 10 to 20 years,” Johnson Miranda said. “As is typical of this generation, [they] believe they will be ‘working until I die.'”
One reason for this is the uncertain future of Social Security. If Harris becomes president, she would like to see policies that eliminate the guesswork surrounding this key retirement benefit.
“Ensure Social Security will be there for us,” she said.
Full benefits under the Old-Age and Survivors Insurance (OASI) portion of Social Security are expected to be payable until 2033, according to the 2024 Social Security and Medicare Boards of Trustees report. When the fund is depleted, recipients are expected to receive 79% of their benefits.
“We need to throw a lot of money at Gen X,” she said. “We’re a small generation, but there will be big repercussions financially, socially and physically if we continue to be ignored.”
Clearly, Gen X knows what they want and they’re willing to speak up to promote financial issues they believe in.
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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This article originally appeared on GOBankingRates.com: Gen X Investors: 4 Financial Policies We Want If Harris Wins the Election
