Reply to Are we going to bail out our kids who now seem to think gambling is investment?

Forum Index » Money and Finances

Reply to "Are we going to bail out our kids who now seem to think gambling is investment?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]Its more than the allure of gambling.

For Gen Z men, they have a strong streak of nihilism in everything but especially finances.

They have fallen behind women in education, they dont see ways to build wealth, housing is mind numbing expensive, and women wont date men who make less than them so they are involuntarily celibate.

Gambling, crypto, its the only path they see to improve their lot. Working hard at their stalled careers will not move the needle. [/quote]

WSJ just had an article, but it's not exclusive to men.

https://www.wsj.com/personal-finance/financial-nihilism-gen-z-gambling-meme-stocks-options-kyla-scanlon-7ae4f2aa?gaa_at=eafs&gaa_n=AWEtsqe_NXTRbCm4-39EgcpG2jradO-EhgCuFlYxyo36j3E98VZSHAXeIimu7Jq2zxc%3D&gaa_ts=696a63e4&gaa_sig=mzMn5Ct0sVeL_VudYzEg71si0s5LMTyF1skfeq_mnOOqYqv3338A43PeHIFgnhtd47nk2rv6RDYsDIktTKGD0w%3D%3D

Millennials and Gen Z are accused of treating finance like a game. They trade options, buy meme coins, play prediction markets and bet on sports as if the entire economy were a casino. The criticism usually ends there, with a finger wag and a head shake.

Baby boomers and members of Gen X say this is reckless, solid proof that social media has gamified money. But this misunderstands the mindsets of today’s young people. What seems like recklessness to parents and grandparents is actually a worrisome form of economic adaptation.

It’s known as financial nihilism, a term coined by podcaster Demetri Kofinas several years ago, and it describes the sense that the economic system no longer rewards prudence or long-term planning.

When every conventional path narrows, people start to look for alternatives. And in practice, that has meant turning toward the few places where a real upside still appears possible, even if the risks are high. In this environment, prediction markets, sports betting and cryptocurrency start to look like some of the only levers they have left. Nearly two-thirds of Gen Z and Millennials think that the only way to build wealth today is through alternative methods like gambling and crypto, according to the Harris Poll. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics