‘Financial Nihilism’ Pushes Gen Z Toward Prediction Bets, Crypto

Younger savers are playing a dangerous game.

Many young adults who feel behind financially are looking to high-risk, speculative areas such as prediction markets, sports betting and crypto to reach financial goals faster, according to an annual Northwestern Mutual Planning & Progress study released Monday.

Nearly a third of Gen Z individuals between the ages of 18 and 29 surveyed for the study said they were putting money into, or considering putting money into, sports betting and prediction markets. Eight of 10 of those young investors believed these riskier vehicles can get them to where they want to be more quickly ...