If election is true, does
it matter how we live?

Yes, for the only way to know you are God’s elect is to bear the fruit of a changed life (I Thess 1:2-4; II Pet 1:5-11). Election is God’s choice to save some men from sin, so continuing in sin shows the character of those not elected (John 8:47; I John 3:1-10). On Judgment Day, when election is revealed by the book of life, the evidence is doing God’s will (Matt 7:21-23; 25:31-46). To presume on election or mock it by living any way you wish proves damnation (Rom 3:8). If you grasp God’s electing grace, you will want to live for Him with all your might and passion.