The 2026 election could significantly affect our finances. Experts discuss how candidates' proposals may reshape economic policies that influence personal financial situations.

As we approach this pivotal election, a unique sense of urgency fills the air. Each candidate has promised to enact changes that could impact vital aspects of American life, particularly our personal finances.

Both candidates aim to make significant improvements, such as facilitating home purchases, assisting families with aging relatives, and modifying payment structures for tipped workers. However, the practicalities and likelihood of these proposals materializing remain uncertain.

Complicating matters is a knowledge gap: YouGov reports that 74% of Harris supporters can correctly identify her policies, while only 64% of Trump supporters can do the same. This hints that many voters may head to the polls with only a partial understanding of the platforms they support.

We sought insights from a nationally syndicated opinion columnist who helped us analyze how the upcoming election may affect the broader financial landscape and our individual economic situations.

INFLATION

Inflation ranks as a top concern among American voters. A recent Gallup survey revealed that 52% of participants view inflation as an "extremely important" factor influencing their vote. Unfortunately, presidents have limited power in lowering prices, according to the columnist.

“Presidents have minimal control over price levels. They can only do so much to lower prices,” the columnist explains. “However, they can make inflation worse, and on that front, Trump’s agenda appears more detrimental than Harris’s.”

Trump’s proposed universal tariffs could likely increase prices on various goods, affecting everything from groceries to imported products.

STUDENT LOANS

While Trump has yet to clarify his plans for the staggering $1.6 trillion in student loans, Harris has suggested enhancing Pell Grants and potentially pursuing initiatives similar to the Biden administration’s previously blocked one-time student debt forgiveness.

“The Biden administration aimed to reform the student loan system to create a more generous version of income-driven repayment plans,” the columnist states. “This would allow graduates to qualify for forgiveness sooner, with payments capped at a lower rate. Although courts have stalled these changes, if elected, Harris is likely to advocate for such reforms.”

SOCIAL SECURITY

The columnist notes that both candidates are positioning themselves as protectors of Social Security, yet the system faces significant financial challenges, regardless of who assumes the presidency.

Trump’s proposal to make Social Security benefits tax-free has gained popularity among many Americans. However, the columnist cautions, “For lower- and middle-income households currently receiving Social Security, these benefits are already largely tax-free.”

Harris's stance on Social Security remains somewhat ambiguous. “She has mentioned raising taxes on high-income individuals and corporations, which could fund various safety net expansions. While Harris may not significantly improve the situation, Trump’s approach could worsen it,” the columnist warns.