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If the bad news is that members of Generation Z can’t afford to buy a house until they are middle-aged — which isn’t really bad news, honestly, but anyway — then the good news is that at least they are investing their money in high-performing assets. Or so we thought. Now we are learning that they might not be very good investors, or even investors at all: According to a new survey, more than half redirected funds to sports gambling, which a quarter consider to be part of a long-term investment strategy.
All of which raises the question: How did they get it so wrong?
The survey, from the personal-finance company Betterment, polled 1,000 existing investors evenly divided among baby boomers, millennials, Gen X and Gen Z. It found that Gen Z is twice as likely as the average investor both to use investment money to make bets and to see betting as part of an overall financial strategy.
Continue reading the entire piece here at Bloomberg (Paywall)
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Allison Schrager is a senior fellow at the Manhattan Institute, a contributing editor of City Journal.