00:00This whole idea around, you know, and you see it survey after survey, anecdote after anecdote,
00:04but younger people today, especially in Gen Z, they just don't really believe in that classic
00:08American dream of a house being a wealth generator. So they have shifted a lot to the
00:12stock market, but that has really important implications for how they think about saving
00:16and how they think about building wealth over time. Not, you know, better or worse than what
00:20it was before. It's just a different environment than what we've had.
00:23They think about income generation through these like fancy, fancy ETFs that cost a lot of money,
00:29but also, I guess when it works, it works, but it feels like there's a lot of risk taking
00:35involved that they may not be aware of. Yes, there has been a, you know, a blurring of
00:39this sort of investing versus gambling kind of mindset over the past several years. I would
00:45sort of date it back, I guess, to 2021 when a lot of people were treating that meme stock craze
00:49as
00:50this new way to wealth, but obviously that ended pretty poorly. I want to interrupt you. This is
00:54too important. Your colleague, Lizanne Saunders, is leading the way on this. Yes. She is the number
00:58one voice in the racket over this gambling and what it means for kids. In your milieu,
01:03when you're a hipster and you're out on the weekend and all that, how pervasive is the gambling?
01:08Oh, it's incredibly pervasive. I mean, because, you know, it's, it's, it's all in front of us
01:11all the time. You know, that we all see the stats that's on screen time and how much people are
01:16buried
01:16in their phones and it, and it gets, you know, larger and larger percentage wise when you go down
01:20the generations. Do they understand they're losing money? Is anybody making money?
01:22I don't know if, well, the, the statistics on gambling versus investing are definitive in
01:27terms of how much money the average person loses for, for the former. So investing over the long
01:32term is, is statistically and empirically, it is the, you know, it's the better way to sort of build
01:36wealth. But I think also what has sort of taken hold, and this was sort of embedded, I think, a
01:41little
01:42bit in the story that you were discussing earlier, is that we, we have, because of housing being so
01:47much at the center of how people view wealth building now, and the fact that housing is frozen
01:52for a huge chunk of younger people, out of reach. We have been living in what has been called this
01:57little treat economy where, where people are treating themselves to smaller things, not
02:01necessarily thinking about saving for a big down payment or a big purchase, not painting that
02:05across the board from millennials, but that isn't, that is increasingly becoming the norm and the
02:10feeling, and hence why you see also a lot more money being put into the stock market. So again, it's
02:14not
02:14necessarily an outright bad thing. It's just different in how people are treating their wealth.
02:18I mean, this source of demand for equities kind of continues unabated. If people are treating
02:24gambling as investing, when they really want to go to something safe, what is that safe thing?
02:28Well, the safe, I mean, I would argue that, you know, any sort of tried and shrewd and tested asset
02:32class, whether it's the bond market, whether it's the stock market, you know, those traditional asset
02:36classes have, have sort of proven their worth over time. Are millennials investing in bonds?
02:41I wouldn't say that the interest is there yet, especially when I speak to them. I think that
02:45that's still maybe a, maybe a more of a kind of enigma and a little bit of a black box
02:50in terms of
02:51the dynamics of the bond market. To us as well. Oh yeah. I mean, to me, I'm a, I'm a
02:54stock market
02:55person. So the bond market to me is still an enigma, but I think, you know, when you, when you
02:59start
02:59to look into the mechanics and the maths of the bond market, especially this week, I mean, when I have
03:04people now texting me about bonds, that's when, you know, things are really getting out into the
03:08mainstream and getting very, very interesting.
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