Americans remain focused on rising costs and the long-term viability of Social Security and Medicare as the 2026 midterm elections approach, according to a survey conducted by the Certified Financial Planner Board of Standards.
The CFP Board said in a press release on Wednesday that 78% of CFP professionals indicated that clients are concerned about Social Security’s long-term viability, while 73% reported similar concerns about Medicare. Meanwhile, 69% said clients had become more concerned about affordability over the past 12 months.
Affordability Concerns
Healthcare costs and retirement plans were each cited by 88% of CFP professionals as important concerns in client conversations, while tax policies were cited by 84%, as per the survey. About 61% of CFP professionals said clients worry affordability challenges could put at least one financial goal out of reach.
The affordability concerns come as Americans continue to face higher costs across several parts of their finances. Recent data showed August inflation at 3.4%, while gasoline prices were around $4.44 a gallon and 30-year mortgage rates were near 7%.
For households planning around retirement income, recent estimates have put the 2027 Social Security cost-of-living adjustment in the mid-3% range, with September inflation data still needed before the increase is finalized.
Midterm Impact
The CFP Board survey found that 71% of CFP professionals said clients had taken no financial action in anticipation of the November 2026 midterm election results. Only 29% said clients had taken financial action ahead of the elections.
By comparison, three-quarters of CFP professionals said clients had already acted or considered acting because of rising costs.
“Clients are far more likely to adjust their finances in response to affordability pressures than an election outcome, and that gap shows where the real pressure lies,” said Kevin Roth, Ph.D., Managing Director of Research at CFP Board.
Financial Moves
Half of advisors said they had seen clients make potentially risky financial moves because of affordability pressures. Among those actions, 29% involved early withdrawals from retirement accounts and 20% involved reducing or eliminating retirement contributions.
“The rising cost of living is forcing people to make hard choices with their money,” said CFP Board CEO K. Dane Snowden. “Some of these choices solve an immediate challenge but create a bigger one later.”
The survey was conducted among 440 CFP professionals nationwide in July 2026.
Disclaimer: This content was produced with the help of AI tools and was reviewed and published by Benzinga editors.
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