It turns out that the 2022 midterm elections are not that different from any other election when it comes to what voters care about — it’s all about the economy.

                By                    Vance Cariaga

Learn: Can You Write Off a Political Donation?Discover: How Rich Are Dr. Oz, J.B. Pritzker and the Richest Politicians Running in Midterm Campaigns

Half of registered voters cite either the economy (28%) or inflation (22%) as their single most important issues ahead of the Nov. 8 midterms, according to a new ABC News/Ipsos poll. Another 2% cited high gas prices. The third-most important issue cited is abortion, at 16% of respondents.

Those numbers are similar to a separate Ipsos/Reuters poll conducted in mid-October. It found that more than four in 10 voters (44%) cited either inflation (29%) or jobs/economy (15%) as the most important issues heading into the midterms. The third-most important issue in that poll — gun violence/mass shootings — lagged well behind at 8%. It was followed by abortion laws (7%), immigration (6%) and climate/environment (6%).

More From Your Money: Choose a high-interest saving, checking, CD, or investing account from our list of top banks to start saving today.

Economic concerns dwarf issues that made headlines earlier in the year, ranging from the war in Ukraine to the Jan. 6 hearings. Although the U.S. job market remains strong, economic growth has been slow enough that many economists foresee a recession in 2023. The largest share of respondents in the Ipsos/Reuters poll (45%) said they are weaker financially than a year ago. One-third said their financial situation is about the same, while only 21% said it is stronger.

Meanwhile, inflation continues to run at its highest rate in four decades — despite efforts by the Federal Reserve to ease inflation through a series of aggressive interest-rate hikes.

Inflation is so bad that many Americans have been forced to make major changes to their financial habits. Here are some of the changes cited by the Ipsos/Reuters poll:

  • 45% switched to cheaper brands when shopping for food41% are saving less money37% switched to cheaper brands for clothes or basic goods32% dipped into their savings to pay bills28% postponed major purchases23% scaled-back vacation plans

Many Americans are also cutting back on their retirement savings, said Kelly LaVigne, VP of Consumer Insights at Allianz Life.

The focus on inflation and the economy should bode well for Republicans on election day. More than four in 10 (42%) respondents in the Ipsos/Reuters poll think Republicans have a better plan for tackling inflation, while 31% cited Democrats.

“Even though incomes are going up, inflation is reducing it in real terms. That’s what’s hurting the Democrats,” Stephen Ansolabehere, a government professor at Harvard, told CNBC. “Whether inflation has to do with something that the administration did, that’s not something voters actually care about. It’s more about, ‘Am I better off?’”

Take Our Poll: Do You Believe in Quiet Quitting?

However, Democrats have the upper hand on other issues, with 46% of Ipsos/Reuters respondents saying Dems have a better approach for tackling abortion policy vs. 25% for Republicans. Similarly, 43% said Democrats have a better approach for tackling healthcare vs. 31% for Republicans.

  • 10 Best Cash Advance Apps That Cover You Until PaydayWhat Happens to Social Security When You Die?The 10 Best Balance Transfer Credit Cards for 2023Experts: 4 Safest Places To Keep Your Savings