More than half of Americans consider this their No. 1 financial priority. 1 for the presidential elections

Financial issues tend to be a huge sticking point in presidential elections. And it’s clear that Americans have some concerns when it comes to their personal finances.

While issues like Social Security, taxes, housing affordability and the cost of health care loom large for voters this year, there’s one financial issue that seems to take precedence over all others — inflation. A recent Motley Fool Ascent poll found that inflation is the No. 1 financial priority. 1 of Americans, with voters of all generations citing it as a top issue of concern.

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And it’s easy to see why. In recent years, rampant inflation has hit consumers in almost every way imaginable. Not only has it become more expensive to keep the lights on and food on the table, but a surge in home prices has forced many would-be buyers to effectively cancel ownership for the foreseeable future.

All in all, Americans want relief from inflation. And while its pace has slowed in recent months, it will be interesting to see what this year’s presidential candidates propose to combat it. Ultimately, though, your best bet is to take steps yourself to protect your finances against inflation.

Don’t let inflation wreak havoc

Inflation is a persistent economic factor that consumers should always expect to deal with. And to be clear, inflation is not always as rampant as it has been since the days of the pandemic.

But it’s a problem that has the potential to affect many people’s finances — in the short and long term. Therefore, it is important to take steps to protect yourself.

In the short term, keeping higher expenses low is a great way to protect against rising costs. Locking in a lower mortgage payment with a fixed loan, for example, gives you more wiggle room in your budget to cover rising costs as they arise. The same goes for car payments, which are another bigger expense.

In the long run, it’s important to invest for retirement in a way that could outpace inflation. And for many people, that means loading up on inventory.

You need your investments to outpace inflation so that the money you save today is enough to meet your needs in the future. If you sock away $300 a month in a retirement plan over 40 years while earning an average annual return of 8%, which is a notch below the stock market average, you’ll end up with nearly 933,000 of dollars.

It’s especially important to have a nice nest egg to fall back on in retirement because Social Security has historically done a poor job of keeping up with inflation. Although benefits are eligible for an annual cost-of-living adjustment, these annual increases have long been inadequate, causing recipients to lose purchasing power year after year.

Look at the big picture

Inflation could be a big problem for you, to the point where it influences your vote. There’s nothing wrong with paying close attention to each candidate’s financial plans and priorities. In fact, this is a wise thing to do.

But at the same time, you don’t necessarily want to rely on one particular candidate to secure your finances. This is something you should try to do yourself through careful budgeting, planning and investing.