Gen Z Traders Embrace High-Risk Market Speculation Over Housing

Bloomberg Originals

Faced with unaffordable housing and uncertain job prospects, younger investors are abandoning traditional wealth-building paths to pursue high-risk options, crypto, and meme stocks.

AI-assisted summary of Why Gen Z Is Gambling With Its Future — original source. Check the original for full context.

Source published: 2026-07-21

Detailed notes

## Background Published by Bloomberg Originals on YouTube on July 10, 2026, this video investigates why young investors are increasingly drawn to high-risk financial assets. According to the page description, with homeownership feeling unattainable, AI threatening job security, and traditional index funds appearing too slow, Gen Z is turning to meme stocks, options, and cryptocurrency to achieve their financial goals.

## TL;DR Gen Z is embracing extreme financial risk-taking—including retail options trading, crypto, and speculative markets—even while engaging in fewer traditional real-world risk behaviors like drinking or driving. Driven by economic shockwaves like the 2008 crisis and COVID-19 pandemic, alongside skyrocketing housing costs and roughly 7% youth unemployment, many feel traditional paths to wealth creation are broken. This mindset of 'financial nihilism' leads young traders to view high-stakes market speculation as their best remaining option for economic advancement, heavily amplified by gamified trading apps and social media FOMO. While some individual traders generate real wealth, many others face severe losses in what often blurs the line between investing and zero-sum gambling.

## Atmosphere & style The video presents a fast-paced, journalistic, and analytical exploration that captures the jarring contrast between modern digital youth culture and serious economic anxiety. It mixes the high-energy, dopamine-fueled thrill of live-streamed trading reactions—complete with viral hype and real-time loss meltdowns—with sober academic research and data-driven analysis. Watching it feels like a sobering look into an online ecosystem where financial survival has been gamified, leaving viewers with a compelling sense of empathy for a generation navigating an increasingly surreal economic reality.

## Key takeaways - [00:00](https://www.youtube.com/watch?v=nBOmghLypWc&t=0s) Driven by viral social media content showing massive profits, young investors are flocking to markets and engaging in sophisticated, high-stakes trading strategies. - [00:00](https://www.youtube.com/watch?v=nBOmghLypWc&t=0s) Gen Z exhibits a behavioral paradox: while taking fewer traditional social and physical risks (such as drinking, driving, or dating), they demonstrate extreme financial risk tolerance. - [01:51](https://www.youtube.com/watch?v=nBOmghLypWc&t=111s) Formative economic traumas—including the 2008 financial crisis in childhood and the COVID-19 pandemic during key life transitions—have heavily shaped Gen Z's financial mindset. - [01:51](https://www.youtube.com/watch?v=nBOmghLypWc&t=111s) Despite holding more assets in financial portfolios than prior generations at their age, Gen Z faces recessionary youth unemployment (~7%) and unaffordable housing costs. - [01:51](https://www.youtube.com/watch?v=nBOmghLypWc&t=111s) Researchers at Northwestern and UChicago found that giving up on homeownership directly drives higher personal consumption, lower labor output, and increased speculative investing. - [03:49](https://www.youtube.com/watch?v=nBOmghLypWc&t=229s) Younger generations are increasingly adopting 'financial nihilism'—the belief that traditional paths to wealth are broken, making high-risk financial bets feel like the only logical alternative. - [03:49](https://www.youtube.com/watch?v=nBOmghLypWc&t=229s) A decade of historically high S&P 500 returns (~15% annually) and quick market recoveries reinforced retail traders' confidence that they can reliably profit in stock markets. - [05:47](https://www.youtube.com/watch?v=nBOmghLypWc&t=347s) Gamified day-trading platforms mirror social media engagement loops, integrating stock and options trading directly into young users' daily digital routines. - [05:47](https://www.youtube.com/watch?v=nBOmghLypWc&t=347s) Retail investors have driven record-breaking trading volumes in the US options market, while also holding higher proportions of volatile assets like cryptocurrencies. - [05:47](https://www.youtube.com/watch?v=nBOmghLypWc&t=347s) Frequent short-term speculation blurs the line between investing and gambling, replacing positive-sum economic investment with high-cost, zero-sum trading. - [06:38](https://www.youtube.com/watch?v=nBOmghLypWc&t=398s) Youth risk tolerance varies globally: American and South Korean youth exhibit high speculative risk, European youth traditionally prefer safe bank deposits, and Chinese Gen Z leans toward defensive assets like gold. - [08:43](https://www.youtube.com/watch?v=nBOmghLypWc&t=523s) Gen Z's aggressive financial behavior is a rational response to wealth inequality, an affordability crisis, and the pressure to achieve rapid financial success in a digital-first world.

## Detailed walkthrough Here is a detailed, faithful walkthrough of the transcript.

[00:00](https://www.youtube.com/watch?v=nBOmghLypWc&t=0s) Introduction: A New Paradigm of Extreme Risk and High-Stakes Trading

Trading has evolved into what looks like an "extreme sport," driven by viral social media pitches claiming, "Bro, it's simple. If you can scroll TikTok, you can trade." Driven by intense FOMO (fear of missing out), young investors watch content creators boast about massive profits, showing balance screens hitting $232,000 or reporting single-day gains of $16,000. More young people are entering the markets than ever before, learning about finance in ways fundamentally distinct from prior generations. On social media, 20-year-olds regularly discuss and deploy sophisticated trading strategies that would have been unimaginable to people of the same age in 1990, 2000, or 2010.

This speculative appetite extends far beyond traditional stocks, broadening into sports gambling and prediction markets. However, serious concerns are emerging that these young traders are heavily over-leveraged and taking extreme, reckless risks. One young trader openly admits, "I've always been a big risk taker. It's kind of just part of who I am," right before celebrating a speculative position with a countdown and yelling "To the **** moon!"

Gen Z holds a unique, highly contradictory view of risk. On one hand, they engage in fewer traditional real-world risk behaviors—they drive less, date less, and drink less alcohol than older generations at their age. On the other hand, they exhibit extreme risk-taking in financial markets. For many of them, high-stakes market speculation is seen as the only realistic path left to achieve financial advancement. This attitude is epitomized by "YOLO bets"—high-risk investments taken with a "go big or go home" mindset based on the acronym "You Only Live Once."

- **Demographic boundary:** Gen Z is defined as those born between the late 1990s and early 2010s ("Zoomers"). - **Key behavioral paradox:** Reduced physical/social risk-taking (less drinking, driving, and dating) paired with extreme financial risk-taking.

---

[01:51](https://www.youtube.com/watch?v=nBOmghLypWc&t=111s) Generational Trauma and the Economic Squeeze

Generational risk profiles are deeply shaped by shared economic trauma. As children during the 2008 Great Financial Crisis, Zoomers felt the indirect stress of watching their parents lose home values and significant portions of their stock portfolios. Years later, as they hit major life milestones—graduating high school, attending college, or entering the workforce—they were struck by the massive economic shock of the COVID-19 pandemic, during which their formative years were spent online.

Even when the broader macroeconomy appears healthy, young workers face a bleak employment landscape. For young workers, the average unemployment rate hovers around 7%, a level typically associated with economic recessions. Male college graduates and young workers across the board face persistent headwinds finding stable employment.

This dynamic creates a striking economic dichotomy. While Gen Z actually holds more money in financial portfolios than previous generations did at their age, traditional adult milestones remain stubbornly out of reach. As millennials and Gen Z reach the age to settle down, buy homes, and start families, skyrocketing housing costs make homeownership unaffordable. Surveys show that while Gen Z ironically feels "on track" for retirement, their day-to-day outlook on their current overall financial situation is quite dark. Academic research from economists at Northwestern University and the University of Chicago reveals a clear cause-and-effect pattern: as young people give up on the prospect of homeownership, they shift behaviors toward consuming more, working less, and placing their capital into highly speculative, risky investments.

- **Youth unemployment:** Hovers near 7%, mirroring recessionary conditions for entry-level job seekers. - **Academic insight (Northwestern & UChicago):** Abandoning the homeownership goal directly drives higher personal consumption, reduced labor output, and increased allocation into high-risk financial assets.

---

[03:49](https://www.youtube.com/watch?v=nBOmghLypWc&t=229s) 'Financial Nihilism' and the Failure of Traditional Paths

This shift in mindset is increasingly described as "financial nihilism," a term coined by podcaster Demetri Kofinas. It reflects a growing belief among younger generations that traditional, long-term avenues to financial security—getting a degree, working a standard job, saving incrementally, and buying a house—are broken. Under this worldview, taking extreme financial risks or "going for broke" feels like the only rational move left to reach financial goals.

Studies confirm that higher percentages of Gen Z and Millennials feel chronically behind financially and believe they must take high risks to catch up. In contrast, Gen X and Baby Boomers express far greater financial security and trust in conventional, slow-growth investments.

``` Generational Financial Perceptions ┌───────────────┬───────────────────────────────────────────┐ │ Gen Z & │ • Feel behind financially │ │ Millennials │ • See traditional paths as broken │ │ │ • Driven toward high-risk assets │ ├───────────────┼───────────────────────────────────────────┤ │ Gen X & │ • Feel financially secure │ │ Boomers │ • Trust traditional long-term investments │ └───────────────┴───────────────────────────────────────────┘ ```

This risk tolerance is further fueled by the historical market environment. Over the past decade, Gen Z has experienced an almost uninterrupted bull market. A standard investment in the S&P 500 over the past 10 years yielded an average annual return of 15%—a historically high figure. Even when major market corrections occurred, recovery was rapid, reinforcing a psychological belief that retail traders can consistently win in the stock market.

One Gen Z trader candidly describes the economic pressure: "We seem to be constantly getting priced out of everything. Owning a home, being able to afford to have kids, being able to afford a wedding ring, rent keeps going up, the wages keep stagnating or going down, unemployment is rising. So there's a desire to try and find your own way because the system doesn't seem to be working for us." Having turned an initial $13,000 investment into $109,000 through retail day trading, the trader reflects on the jarring surrealism of the experience: "I'm very focused on saving... But seeing people who struggle every day just to get by and I'm doing this and it works... It's just such a weird disconnect because I'm pressing buttons on my phone."

- **Historical benchmark:** S&P 500 average annual return over the past decade reached approximately 15%. - **Trader case study:** Turnaround of a $13,000 initial investment into $109,000 in retail trading gains.

---

[05:47](https://www.youtube.com/watch?v=nBOmghLypWc&t=347s) Gamification, Options Trading, and the Blur Between Gambling and Investing

Day trading apps have transformed financial speculation into a form of interactive entertainment. Gamification has become one of the defining developments in retail investing over the last decade, designed to trigger the brain's dopamine and reward pathways in the same way video games or winning bets do. Trading seamlessly integrates into daily digital routines: young users routinely toggle between double-tapping posts on Instagram, scrolling TikTok, and placing trades on investment apps.

This dynamic has dramatically expanded markets historically reserved for institutional professionals. The US options market—once the exclusive domain of hedge funds and institutional trading desks—has seen trading volumes smash record after record in recent years, driven largely by active retail traders.

However, academic research consistently warns against excessive individual trading. Frequent trading often erodes wealth through accumulated transaction costs or bad timing, as retail investors tend to chase hype cycles and buy assets at their peak. Furthermore, younger generations hold a significantly higher proportion of alternative, highly volatile assets like cryptocurrencies compared to older demographics.

This environment has thoroughly blurred the boundaries between gambling and investing. While standard long-term investing creates positive economic externalities—capitalizing businesses so they can invest in technology, hire workers, and expand the real economy—activities like sports betting or hyper-short-term options speculation lack clear macroeconomic benefit, operating as zero-sum games with explicit winners and losers.

- **Primary driver:** Mobile app design mirroring social media engagement loops (TikTok/Instagram UI style). - **Market expansion:** Unprecedented volume spikes in the US options market driven by retail flow.

---

[06:38](https://www.youtube.com/watch?v=nBOmghLypWc&t=398s) Global Variations in Youth Risk Tolerance

Speculative appetite and risk profiles among young investors vary widely depending on geography and institutional context:

* **United States:** High appetite for speculative risk across equities, options, and crypto assets. * **South Korea:** Extremely high risk tolerance, famously characterized by intense retail trading in high-leverage ETFs. * **Europe:** Traditionally risk-averse environment where capital has historically remained parked in conservative bank deposits or fixed-income products. European governments are actively trying to encourage young citizens to invest more in the stock market. * **China:** Studies reveal Chinese Gen Z investors are notably *more* risk-averse than older generations in China, showing a strong preference for defensive assets like physical gold.

Despite the volatility, experts warn against dismissing young investors as merely foolish. Real wealth is being generated in these markets, though heavy losses are just as frequent. The emotional volatility of this trading style is captured by a live streamer reacting in real time to an execution: "Please, please. Order filled. Hold on. Oh my God, dude!... Bro, I lost 152K."

---

[08:43](https://www.youtube.com/watch?v=nBOmghLypWc&t=523s) Understanding Gen Z: Misunderstandings and the New Reality

It is a mistake to patronize or dismiss Gen Z traders. As digital natives who grew up with smartphones, Zoomers have always had immediate access to information, giving them the ability and motivation to "do their own research" on financial markets.

Their financial behavior is not an irrational anomaly, but a direct reaction to their environment. They are entering adulthood at a time marked by stark wealth inequality, visible everywhere on social media feeds displaying extreme wealth. This creates immense pressure to achieve fast financial success. When an affordability crisis in housing and living costs collides with a broader cultural acceptance of speculative risk, high-stakes trading becomes a logical coping mechanism for an entire generation.

## Notable quotes > [00:00](https://www.youtube.com/watch?v=nBOmghLypWc&t=0s) Bro, it's simple. If you can scroll TikTok, you can trade.

> [00:00](https://www.youtube.com/watch?v=nBOmghLypWc&t=0s) I've always been a big risk taker. It's kind of just part of who I am

> [00:00](https://www.youtube.com/watch?v=nBOmghLypWc&t=0s) To the **** moon!

> [03:49](https://www.youtube.com/watch?v=nBOmghLypWc&t=229s) We seem to be constantly getting priced out of everything. Owning a home, being able to afford to have kids, being able to afford a wedding ring, rent keeps going up, the wages keep stagnating or going down, unemployment is rising. So there's a desire to try and find your own way because the system doesn't seem to be working for us.

> [03:49](https://www.youtube.com/watch?v=nBOmghLypWc&t=229s) I'm very focused on saving... But seeing people who struggle every day just to get by and I'm doing this and it works... It's just such a weird disconnect because I'm pressing buttons on my phone.

> [06:38](https://www.youtube.com/watch?v=nBOmghLypWc&t=398s) Please, please. Order filled. Hold on. Oh my God, dude!... Bro, I lost 152K.

## Mentioned Gen Z, TikTok, Great Financial Crisis, COVID-19 pandemic, Northwestern University, University of Chicago, Demetri Kofinas, Millennials, Gen X, Baby Boomers, S&P 500, Instagram

[Source](https://www.youtube.com/watch?v=nBOmghLypWc)

中文简报

比起买房，Z世代交易者更青睐高风险市场投机面对难以负担的住房与不确定的就业前景，年轻投资者正放弃传统财富积累途径，转向高风险期权、加密货币和迷因股。 Z世代正热衷于承担极端的财务风险——包括散户期权交易、加密货币和投机市场——尽管他们在饮酒或驾车等传统现实生活中的冒险行为已有所减少。在2008年金融危机和新冠疫情等经济冲击，以及飞涨的住房成本和约7%的青年失业率推动下，许多人感到传统的创富途径已经失效。这种“财务虚无主义”心态促使年轻交易者将高风险的市场投机视为实现经济跃升仅存的最佳选择，而游戏化交易应用与社交媒体带来的错失恐惧（FOMO）更是放大了这一趋势。尽管部分个人交易者获得了实际财富，但更多人面临着惨重损失，投资与零和赌博之间的界限也往往因此变得模糊。在社交媒体造富风潮的推动下，Z世代呈现出独特的行为悖论：他们虽然在现实中减少了饮酒、驾车和恋爱等传统冒险行为，却在期权与加密货币等高风险金融交易中表现出极端的投机偏好。 (0:00) 年轻群体正承受约7%的高失业率与高不可攀的住房成本压力；芝加哥大学与西北大学的研究表明，年轻人放弃购房目标直接导致了个人消费上升、劳动产出下降以及投机性投资激增。 (1:51) 年轻人中日益弥漫“金融虚无主义”，普遍认为读书就业买房的传统路径已失效；叠加过去十年标普500指数年均约15%的高回报预期，进行高风险孤注一掷被许多人视作追赶财务差距的唯一理性选择。 (3:49) 交易平台的游戏化设计复刻了社交媒体的多巴胺刺激回路，推动散户在美股期权市场的交易量屡创新高，让日常高频交易与零和博弈之间的界限彻底模糊。 (5:47)

Reading summary

Gen Z exhibits a striking behavioral paradox: while reducing traditional physical and social risks, they embrace aggressive market speculation as an understandable coping mechanism in response to severe structural economic roadblocks. The Behavioral Paradox and Economic Squeeze (1:51) Defined as individuals born between the late 1990s and early 2010s, Zoomers engage less in conventional real-world risks such as driving, drinking alcohol, and dating compared to older generations at their age. However, their financial behavior is intensely speculative. Shaped by childhood memories of the 2008 Great Financial Crisis and the disruptions of the COVID-19 pandemic, young workers confront a difficult job market where youth unemployment hovers near 7%, a rate typical of broader economic recessions. Although Gen Z holds more capital in investment portfolios than prior generations did at the same stage of life, standard adult milestones remain largely unattainable due to skyrocketing housing costs. Academic research from economists at Northwestern University and the University of Chicago identifies a direct correlation: as young people abandon the goal of homeownership, they reduce labor output, increase personal consumption, and redirect their capital toward high-risk, volatile financial assets. Financial Nihilism and the Broken Conventional Path (3:49) Younger cohorts increasingly adopt what podcaster Demetri Kofinas termed "financial nihilism"—the conviction that traditional paths to security, like securing a degree, working a standard job, and steady saving, are fundamentally broken. Unlike Gen X and Baby Boomers, who express financial security and rely on slow-growth investments, Millennials and Gen Z frequently report feeling chronically behind, viewing high-stakes speculation or "YOLO bets" as their only viable way forward. This aggressive posture has been reinforced by an exceptional macroeconomic environment. Over the past decade, the S&P 500 delivered an average annual return of roughly 15%, rebounding rapidly from corrections and fostering an expectation that individual retail traders can regularly beat the market. Facing stagnant wages and climbing living expenses, some individual retail traders have generated substantial gains—such as turning $13,000 into $109,000—which fuels the perception that app-based trading is a necessary alternative to an unrewarding labor system. Gamification and Zero-Sum Market Speculation (5:47) Mobile trading platforms have incorporated gamified designs that mirror the dopamine and engagement loops of social media networks like TikTok and Instagram. This environment has blurred the distinction between investing and gambling. US options markets have set trading volume records driven by retail traders deploying complex strategies once restricted to institutional desks. Academic studies emphasize that frequent trading often erodes retail wealth through transaction friction, poor timing, and chasing market peaks. Moreover, unlike traditional long-term investments that capitalize businesses to fund employment and technological growth, hyper-short-term options trading and sports betting operate as zero-sum activities without clear macroeconomic benefits. Global Variations in Youth Speculative Appetite (6:38) Speculative intensity among younger demographics varies significantly across international markets. While American youth demonstrate high risk tolerance across equities, options, and cryptocurrencies, South Korean retail investors display extreme risk appetites through leveraged ETFs. Conversely, other regions reflect more conservative profiles. European youths historically hold wealth in bank deposits and fixed income, prompting state efforts to spur domestic equity investment. In China, studies indicate that Gen Z is actually more risk-averse than older domestic generations, favoring defensive stores of value such as physical gold. Gen Z's embrace of extreme financial risk is driven not by ignorance, but by digital fluency, acute wealth disparity displayed on social media, and an ongoing housing affordability crisis that together make speculative trading a rational response to perceived structural barriers.

精炼阅读摘要

彭博原创（Bloomberg Originals）指出，由于传统经济晋升阶梯和购房路径的破裂，Z世代在现实生活中规避风险的同时，却在金融市场中大规模转向高杠杆投机。这种被称为“金融虚无主义”的心态并非单纯的非理性狂热，而是年轻群体在面临就业压力、资产价格通胀与数字社交诱导下的系统性应对机制。现实低风险与金融高投机的代际悖论 (0:00) Z世代（定义为1990年代末至2010年代初出生的人群）展现出一种前所未有的行为矛盾。在现实生活与社交层面，这一代人的实际风险偏好显著降低，他们的饮酒量、驾车频率以及恋爱交往比例均低于前几代人同龄时期的水平。然而，在金融交易领域，他们却表现出极其激进的冒险倾向。伴随着社交媒体上宣扬的暴富神话与强烈的错失恐惧（FOMO），不少20岁左右的年轻投资者正广泛使用前几代人在同龄时难以想象的高阶交易策略，追逐从单日数万美元收益到各类体育押注和预测市场的投机狂欢。许多年轻交易者将“人生只有一次”（YOLO）视作投资信条，并在公开交流中将承担极端风险视作实现财富阶层跃迁的唯一途径。然而，这种将交易视作“极限运动”的行为模式也引发了市场对其过度杠杆化和非理性冒险的严重担忧。经济创伤与“金融虚无主义”的蔓延 (1:51) 这一代人的风险偏好深受成长过程中的宏观经济创伤影响。Z世代童年时期目睹了2008年全球金融危机给家庭带来的资产缩水压力，成年或步入职场时又遭遇了新冠疫情带来的经济冲击。尽管整体宏观数据看似向好，但年轻群体的失业率却长期徘徊在7%左右，呈现出类似经济衰退期的就业困境。与此同时，飙升的房价让传统的买房安家和组建家庭目标变得遥不可及。美国西北大学（Northwestern University）和芝加哥大学（University of Chicago）经济学家的研究显示，当年轻人放弃购房目标时，其行为会发生明确转变：他们倾向于增加当期消费、减少劳动供给，并将资金大量配置于高风险的投机性资产。播客主持人德米特里·科菲纳斯（Demetri Kofinas）将这种心理概括为“金融虚无主义”（Financial Nihilism）。调查显示，Z世代与千禧一代普遍感到自己在财务上长期落后，并认为“接受高等教育、从事稳定工作、按部就班储蓄并购房”的传统财富路径已经失效，唯有“破釜沉舟”式的高风险博弈才是弥合差距的理性选择。相比之下，X世代和婴儿潮一代则表现出更高的财务安全感，并更信任传统的慢速增长投资模式。长期牛市记忆与应用游戏化的合谋 (5:47) 过去十年间美股标普500指数平均约15%的年化回报率，使Z世代经历了几乎未曾中断的长期牛市，即便是大幅回调也能迅速反弹，这无形中强化了散户可以在股市中持续获利的心理预期。节目中一名年轻交易者通过日内交易将1.3万美元本金增至10.9万美元，但他坦言，在房租高企、实际薪资停滞和生活成本攀升的现实下，仅靠手机“按几个按钮”就能获得如此收益，与现实艰辛产生了强烈的荒诞感。与此同时，零售交易应用程序的游戏化设计成为过去十年散户投资的核心变革。这些平台的设计逻辑与TikTok、Instagram高度重合，通过触发多巴胺和奖赏机制，使金融交易演变为一种日常互动娱乐。这种低门槛直接推动了原本专属于对冲基金的美国期权市场交易量屡创历史新高，年轻散户在加密货币等高波动资产中的持有比例也远超年长一代。然而学术研究持续警告，过度频繁的交易通常会因交易成本累积和盲目追高而侵蚀财富，且超短期期权交易本质上缺乏对实体经济的资本支持效用，沦为了赢家与输家分明的零和博弈。全球风险差异与时代重压下的理性自洽 (6:38) 年轻投资者的风险承受力在全球范围内呈现出明显的地域分化。在美国和韩国，年轻人对高风险资产及高杠杆ETF表现出极高狂热；欧洲年轻人的资本历来停留在保守的银行存款或固定收益产品中，以至于欧洲各国政府正积极引导年轻人入市；而在中国，研究显示Z世代甚至比其父辈更为保守，表现出对实物黄金等防御性资产的强烈偏好。在极致波动的市场中，巨额亏损屡见不鲜，例如有直播交易员在瞬间亏损高达15.2万美元。节目分析指出，不应居高临下地将年轻投资者的极端交易斥为愚蠢或不理性。作为数字原住民，Z世代拥有即时获取海量信息并独立研究的能力。他们在社交平台上直面急剧扩大的贫富差距和随处可见的奢靡生活，承受着巨大的成功焦虑；当生活成本和住房危机击碎了传统的阶层跃迁阶梯，在文化上被广泛接纳的高风险投机便成为整整一代人应对生存困境的代际自洽与防御手段。 Z世代的金融冒险行为揭示了当代经济结构的深层断裂：当传统的劳动积累无法保障基本生活与阶层跃迁时，高风险金融博弈便被视作仅存的出路。然而，这种将希望寄托于零和投机与高杠杆交易的自救路径，不仅让年轻一代暴露在巨大的财务脆弱性之中，也给未来整体宏观经济的长期稳定与生产力资本配置留下了未解的隐患。

Detailed notes — zh

## Background 该视频由彭博社原创频道（Bloomberg Originals）于 2026 年 7 月 21 日发布在 YouTube 平台。视频简介指出，在买房无望、人工智能冲击就业前景以及指数基金回报过慢的现实困境下，大批年轻投资者正转向迷因股（meme stocks）、期权衍生品与加密货币等高风险标的，以寻求实现财务目标的另类捷径。 ## TL;DR 视频深入探讨了 Z 世代在金融投资上展现出的极端“风险悖论”：他们在日常生活中普遍谨慎节制，但在投资市场上却狂热追逐极限杠杆与投机交易。这种激进风格根植于童年目睹 2008 年次贷危机的创伤、疫情后严峻的青年就业形势，以及传统稳健财务路径彻底失效所滋生的“财务虚无主义”。伴随着交易应用程序的高度游戏化与社交媒体暴富文化的轰炸，被高昂生活成本挤出市场的年轻人开始将金融投机视作改变命运的唯一出路。尽管全球不同地区的青年风险偏好有所分野，但该片警示不应轻视这群伴随移动互联网成长、热衷自主调研的数字原住民，他们正以激进的姿态深刻重构金融市场生态。 ## Atmosphere & style 全片洋溢着敏锐、冷峻且极具现实洞察力的高水准财经纪实风格，在严谨宏观经济学分析与年轻人极度亢奋、失控宣泄的情绪切片之间形成了鲜明张力。屏幕前高频跳动的账户数字、散户实盘录屏中的狂喜与巨亏咆哮，与现实中高企的失业率、遥不可及的房价形成了荒诞而沉重的互文。观看时既能感受到资本投机带来的肾上腺素飙升，又能深刻体会到青年群体被时代困境与系统挤压后的集体焦虑、无奈阵痛与绝望挣扎。 ## Bulletin - [00:01](https://www.youtube.com/watch?v=nBOmghLypWc&t=1s) 面对高昂房价与停滞工资，Z 世代在日常规避风险（如减少饮酒和推迟考驾照）与金融领域极度冒险（押注期权与加密货币）之间呈现出鲜明的两极悖论。 - [03:49](https://www.youtube.com/watch?v=nBOmghLypWc&t=229s) “财务虚无主义”（Financial Nihilism）在年轻群体中蔓延，许多青年认为传统的长期储蓄与买房养老路径已彻底失效，因而选择破罐破摔，在激进高风险资产中进行“YOLO”豪赌。 - [05:47](https://www.youtube.com/watch?v=nBOmghLypWc&t=347s) 交易 App 的游戏化机制与社交媒体炫富强化了即时反馈的多巴胺回路，使得期权等高杠杆工具成交量屡创新高，投资与投机、赌博的界限日渐模糊。 - [07:58](https://www.youtube.com/watch?v=nBOmghLypWc&t=478s) 年轻一代的风险偏好呈现全球分化：美韩年轻散户极度追捧高倍数杠杆与另类资产，而中国 Z 世代则更偏好黄金等传统避险资产。 ## Key takeaways - [00:01](https://www.youtube.com/watch?v=nBOmghLypWc&t=1s) 年轻群体在日常生活中谨小慎微，但在金融市场中却呈现出熟练运用复杂衍生品与极高杠杆的极端冒险行为。 - [01:51](https://www.youtube.com/watch?v=nBOmghLypWc&t=111s) 童年目睹 2008 年次贷危机冲击家庭，成年后又撞上疫情时期的就业困境，塑造了 Z 世代挥之不去的集体经济创伤。 - [01:51](https://www.youtube.com/watch?v=nBOmghLypWc&t=111s) 学术研究表明，年轻一代彻底放弃购买住房的希望后，行为会发生代偿异化，转而走向即时消费并全仓押注极高风险资产。 - [03:49](https://www.youtube.com/watch?v=nBOmghLypWc&t=229s) “财务虚无主义”折射出年轻散户对现有经济体制的愤怒与绝望，他们深感在买房、育儿等人生大事上全面被挤出市场（priced out）。 - [03:49](https://www.youtube.com/watch?v=nBOmghLypWc&t=229s) 过去二十年美股大牛市的历史体验让部分年轻交易员产生“只要下场就能赢”的过度自信，导致对真实市场风险缺乏敬畏。 - [03:49](https://www.youtube.com/watch?v=nBOmghLypWc&t=229s) 散户依靠手机点按交易获得暴利并产生脱节感，进一步削弱了实体劳动与财富创造之间的现实联结认知。 - [05:47](https://www.youtube.com/watch?v=nBOmghLypWc&t=347s) 交易软件深度融合游戏化（Gamification）机制，以多巴胺奖赏取代枯燥操作，推动期权市场散户交易量刷新历史纪录。 - [05:47](https://www.youtube.com/watch?v=nBOmghLypWc&t=347s) 频繁的短线散户交易普遍受困于高摩擦成本、追涨杀跌的羊群效应，以及对高波动加密货币的过度敞口。 - [07:58](https://www.youtube.com/watch?v=nBOmghLypWc&t=478s) 全球年轻世代风险图谱差异显著：美韩散户热衷高倍杠杆与投机博弈，欧洲散户相对克制，中国年轻一代则表现出更强的风险规避与黄金偏好。 - [07:58](https://www.youtube.com/watch?v=nBOmghLypWc&t=478s) 傲慢地将年轻一代视作无知“韭菜”是危险的，他们作为数字原住民具备极强的信息搜索与自主调研能力，正在深刻重构全球金融生态。 - [09:14](https://www.youtube.com/watch?v=nBOmghLypWc&t=554s) 社交媒体上的财富炫耀与可负担性危机的剧烈碰撞，最终促成了 Z 世代将高风险金融投机视为阶层跃升唯一路径的时代豪赌。 ## Detailed walkthrough ### [00:01](https://www.youtube.com/watch?v=nBOmghLypWc&t=1s) 极限交易与年轻一代的“风险悖论” 交易在当今年轻人眼中正在演变成一项刺激的“极限运动”。在社交媒体算法的推波助澜下，投资门槛被无限拉低，短视频平台充斥着“只要你能刷 TikTok，你就能做交易”的激进口号。这种环境不可避免地催生出强烈的错失恐惧症（FOMO）：屏幕那端似乎人人都在日进斗金，有人晒出账户余额达到 23.2 万美元的截图，有人轻描淡写地宣称“仅今天一天我就赚了 1.6 万美元”。如今涉足金融市场的年轻人规模超越以往任何时代，他们接触与学习金融市场的方式也是前所未有的。即便是二十年前、甚至十年前的二三十岁年轻人，也绝对无法想象当下的 20 岁青年会熟练运用如此复杂的衍生品策略与高阶交易技巧。不仅如此，这种投机狂热还迅速外溢至体育博彩和预测市场等领域。然而，这种激进的交易风格也引发了市场深切的担忧：年轻散户们正面临过度杠杆化和承担致命风险的危机。有受访者直言：“我一直是个极具冒险精神的人，这几乎刻在我的骨子里。”当倒计时归零，伴随着“直冲月球（To the moon）”的狂欢欢呼，屏幕前是一场场豪赌。更耐人寻味的是 Z 世代在风险偏好上所展现出的鲜明“两极化”：在日常生活中，他们被普遍贴上谨小慎微的标签——他们不急于考驾照、不热衷约会、大幅减少饮酒；但在金融领域，他们却表现出极其惊人的冒险倾向。对许多年轻人而言，在股市中放手一搏，成了他们眼中实现阶层跃升、打破现状的唯一途径。“YOLO”（You Only Live Once，人生只有一次）因此催生了所谓的“YOLO Bets”，年轻交易员秉持着“不成功便成仁”（go big or go home）的极端心态冲入市场。 ```mermaid flowchart TD accTitle: Gen Z Risk Paradox accDescr: Diagram illustrating the paradox between Gen Z lifestyle risk aversion and financial hyper-risk-taking behavior. subgraph Lifestyle["日常生活维度：规避现实风险"] A1["推迟考取驾照"] A2["远离酒精与吸烟"] A3["降低约会社交欲望"] end subgraph Financial["金融投资维度：追求极限杠杆"] B1["全仓期权与杠杆交易"] B2["加密货币与迷因币 (Meme)"] B3["YOLO Bets（放手一搏）"] end Lifestyle --> C{"世代风险认知悖论"} Financial --> C C --> D["归因：传统上升路径闭合，唯有金融投机是可见的出路"] ``` ### [01:51](https://www.youtube.com/watch?v=nBOmghLypWc&t=111s) 创伤印记：从次贷危机到疫情就业困局每个个体的风险承受能力固然因人而异，但特定世代所共同经历的系统性危机事件，往往会在整个群体心中烙下深刻的集体印记。通常所说的 Z 世代（也被称为“Zoomers”）指出生于 1990 年代末至 2010 年代初的年轻群体。这代人的青春期不仅由新冠疫情期间的全面“线上化”所塑造，更深层的情感创伤还要追溯到童年时期。在 2008 年次贷危机席卷全球时，年幼的他们目睹了家庭遭遇重创：父母股票账户严重缩水、甚至被强制拍卖房屋流离失所，现实的沉重与焦虑在他们心中留下了难以磨灭的阴影。随后，当这代人刚刚高中毕业、进入大学或迈向劳动力市场时，又迎头撞上了 2020 年的新冠疫情大冲击。尽管整体经济宏观数据看似强韧，但结构性困境却压得年轻人喘不过气：大学毕业生的失业状况堪比深度衰退时期，年轻群体的失业率长期徘徊在 7% 左右的高位。这种大环境催生了一种荒诞的二元对立局面：从账面储蓄来看，Z 世代凭借更早接触投资而积攒的流动资产甚至超过了同龄时期的前辈一代；但在现实中，他们拥有独立住房的概率却暴跌至谷底。正值成家立业年龄的年轻人哪怕渴望拥有属于自己的居所，现实的高昂房价也让他们无能为力。 - **财务信心分裂**：退休准备意愿调查显示，Z 世代普遍对自己为退休做准备的节奏感觉良好；但只要谈及当下的整体财务处境，情绪便瞬间跌入谷底，普遍抱持悲观暗淡的预期。 - **放弃买房引发的行为代偿**：来自美国西北大学与芝加哥大学经济学家的联合研究显示，一旦年轻一代彻底放弃了购买住房的希望，他们的行为模式就会发生剧烈异化——倾向于转向即时消费、减少工作投入，并将更多的剩余资金押注于极高风险的资产之中。 ### [03:49](https://www.youtube.com/watch?v=nBOmghLypWc&t=229s) “财务虚无主义”与被系统遗弃的愤怒这种普遍蔓延的社会心理被称为“财务虚无主义”（Financial Nihilism）。该词最早由播客主持人迪米特里·科菲纳斯（Dimitri Kofinas）提出，精准描绘了当下一代人的普遍绝望：在年轻人看来，过去几十年被奉为金科玉律的传统长期财务稳健路径（如勤奋工作、长期储蓄、按部就班买房养老）在现实中已经彻底失效。既然循规蹈矩注定无法跨越阶级固化，不如索性破罐破摔，在激进高风险标的中“放手一搏”，以求达成遥不可及的财务目标。多项调查数据显示，相比于婴儿潮一代与 X 世代对传统投资和自身财务的安全感，Z 世代与千禧一代普遍强烈感到自己在经济上被远远甩在后面，必须被迫承担超常风险才能勉强追赶。从市场环境来看，Z 世代几乎是在过去二十年一路上涨的长期大牛市中长大的。过去十年中，标普 500 指数的年均复合回报率高达 15%，从历史维度衡量这是一个极高的水平；即使经历了几年前剧烈的深度调整，市场也以极快的速度反弹修复。这种经历让许多年轻散户产生了一种“只要下场就能赢”的过度自信。年轻受访者直言不讳地表达了被体制辜负的愤懑：“作为 Z 世代的一员，我们似乎在所有事情上都被挤出了市场（priced out）——买不起房、生不起孩子、连买结婚戒指都难以承受；房租不断疯涨，工资却停滞甚至下滑，失业率居高不下。这套体制显然已经不再为我们运转，所以每个人都在拼命寻找属于自己的另类出路。”一名散户分享了自己的实际操作：他最初的本金只有 13,000 美元，通过频繁的散户交易竟做到了 10.9 万美元。然而这种暴富体验并没有带来单纯的快乐，反而引发了强烈的认知撕裂：“看着身边的人每天起早贪黑地挣扎求生，而我只是在手机屏幕上点来点去就能赚到这么多钱，这真的是一种荒谬至极的脱离感（weird disconnect）。” ### [05:47](https://www.youtube.com/watch?v=nBOmghLypWc&t=347s) 交易游戏化、期权狂潮与“投资还是赌博” 散户交易能够迅速攻占年轻人群体，核心逻辑在于当下的短线交易与交易应用程序本身已经被重塑为一种“娱乐消遣”。过去十年间，**游戏化（Gamification）**已然成为零售投资领域最庞大的底层浪潮。交易 App 通过绚丽的动画、即时的胜负反馈，直接刺激大脑深处的多巴胺奖励机制，这与在游戏中获胜并无二致，极大地强化了频繁交易的行为，将原本枯燥谨慎的买卖股票包装成了一场刺激好玩的游戏。在现代移动互联网的无缝衔接下，年轻人的操作逻辑高度趋同：前一秒还在 Instagram 上双击点赞，下一秒切到 TikTok 刷几个短视频，在这些碎片化切换的间隙，他们顺手切入投资 App 点下买单。这种演进对金融市场带来了实质性的冲击，其中最典型的当属美国期权市场。这里曾是对冲基金和华尔街专业交易台的专属领地，如今却在心浮气躁的年轻散户疯狂涌入下，接连打破历史成交量纪录。然而，严肃的学术界对个人散户的过度交易始终持高度批判态度： - **交易成本磨损**：散户交易过于频繁，其相当一部分账面收益被无形的交易摩擦成本和买卖点差吞噬。 - **追涨杀跌陷阱**：散户普遍存在严重的羊群效应，往往在资产价格被推向最高峰时盲目接盘。 - **另类资产偏好**：与老一辈相比，Z 世代和千禧一代的投资组合中充斥着比例惊人的高风险另类资产，尤其是以加密货币（Crypto）为代表的高波动投机标的。随着金融工具的平民化，投资与赌博之间的界限正变得前所未有的模糊。许多人甚至认为这两者本质上从未有过绝对分明的界限。但从宏观经济学角度审视，投资通常具有积极的正向外部性：购买一家公司的股票并长期持有，能够为企业提供研发技术、扩建产能、招聘员工的资本，从而驱动实体经济的整体增长；相反，在博彩平台上押注一场足球比赛的输赢，仅仅是零和博弈甚至是抽成后的负和游戏，很难看清它能给社会创造何种真实的经济价值。 ### [07:58](https://www.youtube.com/watch?v=nBOmghLypWc&t=478s) 全球风险图谱与拒绝被轻视的年轻一代对风险的饥渴程度与驱动激励，不仅因世代而异，更因地理版图的不同而展现出巨大分野： - **美国**：年轻散户对风险的渴望近乎饥渴，是全球杠杆交易的主力军。 - **韩国**：投机风潮同样炽烈，韩国年轻一代以极其狂热地交易高倍数杠杆 ETF 而在华尔街声名远播。 - **欧洲**：态度相对克制沉寂。欧洲居民历来更偏好将资金存放在银行账户或稳健的固定收益产品中，以至于欧洲多国政府甚至需要推出各种激励政策，试图推动民众将钱投入股票市场以盘活资本。 - **中国**：针对中国 Z 世代的研究呈现出完全相反的画像。相比于长辈一代，中国的 Z 世代表现出更强烈的风险厌恶倾向；从他们的日常投资习惯来看，他们更偏好购入黄金等传统避险资产。但无论身处哪一个国家或地区，金融界都绝不能轻易以居高临下的傲慢姿态去轻视这批年轻投资者。毕竟，在这个由流动性与算法统治的新市场里，确实有人赚到了真金白银——尽管这绝不意味着人人都能全身而退。现实的反噬往往冷酷而致命：在散户实盘录屏中，前一秒还在祈求“成交、快成交”，下一秒就因为行情雪崩而失控暴怒：“天啊兄弟！见鬼了！我一把亏了 15.2 万美元！” 那种将 Z 世代简单视作盲目跟风、无知韭菜的家长式说教（patronizing）是极其危险的。这代人是真正伴随智能手机长大的一代，他们天生就具备随时在线搜索任何知识、自主解构复杂规则的超强能力。尽管这种超强的信息检索能力并未能完全阻挡暴跌带来的财务绞杀，但他们的确正在以一种前所未见的方式重构着全球金融市场的底层生态。 ### [09:14](https://www.youtube.com/watch?v=nBOmghLypWc&t=554s) 财富焦虑与高风险文化：Z 世代的投资豪赌时代年轻一代投资者往往倾向于亲自查阅资料并“自主调研”（do their own research），然而他们踏入投资市场的时机却极为特殊。这群刚刚起步的年轻人，迎面撞上的是前所未有的巨大财富不平等，以及一个对高风险行为愈发包容甚至推崇的文化时刻。在社交媒体的推波助澜下，各种奢华财富的象征被无休止地放大与展示，深深刺激着年轻人的神经，促使许多人产生了一种迫切的冲动——必须承担巨大风险，在极短的时间内赚取巨额财富，以此实现阶层跃升。这种现象的本质，是现实生活中的生存压力与数字文化浪潮激烈碰撞的结果。一方面，住房与基本生活开支构成了令人窒息的“可负担性危机”；另一方面，整个社会文化对投机与冒险的接纳度显著提升。两者相互交织、层层加码，最终合力塑造了当下 Z 世代所处的独特困境与激进的投资常态。 ```mermaid flowchart TD accTitle: Gen Z Risk Drivers accDescr: Diagram illustrating the socioeconomic and cultural factors driving Gen Z into high-risk financial behavior. subgraph SocioEconomic ["社会经济困境"] A["生活可负担性危机<br/>(高房价与生活成本)"] B["巨大的财富不平等"] end subgraph CulturalMedia ["文化与网络推手"] C["社交媒体财富炫耀<br/>(催生暴富焦虑)"] D["风险承受文化的普及<br/>(崇尚激进投机)"] end subgraph Outcome ["最终行为结果"] E["Z 世代的豪赌时刻<br/>(押注高风险资产与短线暴富)"] end A --> E B --> E C --> E D --> E ``` - **自主调研的驱动**：年轻群体热衷于自行搜索并“做自己的研究”，试图在传统金融体系之外寻找新的财富路径。 - **贫富差距与社媒刺激**：社交平台上铺天盖地的财富符号加剧了年轻人的相对剥夺感，让“短时间内赚大钱”成了摆脱平庸的强烈诉求。 - **现实困境与风险文化的合流**：高昂的生活与置业成本削弱了对传统长期储蓄模式的信心，配合社会对高风险博弈的文化接纳，共同铸就了 Z 世代走向激进投资的时代切片。 ## Notable quotes > [00:01](https://www.youtube.com/watch?v=nBOmghLypWc&t=1s) 只要你能刷 TikTok，你就能做交易 > [00:01](https://www.youtube.com/watch?v=nBOmghLypWc&t=1s) 仅今天一天我就赚了 1.6 万美元 > [00:01](https://www.youtube.com/watch?v=nBOmghLypWc&t=1s) 我一直是个极具冒险精神的人，这几乎刻在我的骨子里。 > [00:01](https://www.youtube.com/watch?v=nBOmghLypWc&t=1s) 直冲月球（To the moon） > [00:01](https://www.youtube.com/watch?v=nBOmghLypWc&t=1s) 不成功便成仁（go big or go home） > [03:49](https://www.youtube.com/watch?v=nBOmghLypWc&t=229s) 作为 Z 世代的一员，我们似乎在所有事情上都被挤出了市场（priced out）——买不起房、生不起孩子、连买结婚戒指都难以承受；房租不断疯涨，工资却停滞甚至下滑，失业率居高不下。这套体制显然已经不再为我们运转，所以每个人都在拼命寻找属于自己的另类出路。 > [03:49](https://www.youtube.com/watch?v=nBOmghLypWc&t=229s) 看着身边的人每天起早贪黑地挣扎求生，而我只是在手机屏幕上点来点去就能赚到这么多钱，这真的是一种荒谬至极的脱离感（weird disconnect）。 > [07:58](https://www.youtube.com/watch?v=nBOmghLypWc&t=478s) 成交、快成交 > [07:58](https://www.youtube.com/watch?v=nBOmghLypWc&t=478s) 天啊兄弟！见鬼了！我一把亏了 15.2 万美元！ > [09:14](https://www.youtube.com/watch?v=nBOmghLypWc&t=554s) do their own research ## Mentioned TikTok, Instagram, 标普 500 指数, 迪米特里·科菲纳斯 (Dimitri Kofinas), 美国西北大学, 芝加哥大学, Z 世代, 千禧一代, X 世代, 婴儿潮一代, 加密货币 (Crypto), 杠杆 ETF, 黄金 ## Video description With homeownership out of reach, artificial intelligence cutting job prospects and index funds feeling too slow, many young investors are turning to meme stocks, options and crypto to meet their financial goals. Read more on Bloomberg.com: Gen-Z Traders Go for Broke in Pursuit of a New American Dream https://www.bloomberg.com/news/features/2026-06-17/ai-meme-stock-gains-shape-gen-z-s-embrace-of-risk-assets 00:00 Introduction 01:51 Risk mindset 03:49 ‘Financial Nihilism’ 05:47 Gamification of trading 06:38 Alternative investments 08:43 Misunderstanding Gen Z -------- Like this video? Subscribe: http://www.youtube.com/Bloomberg?sub_confirmation=1 Get unlimited access to Bloomberg.com for just $1.99 your first month: https://www.bloomberg.com/subscriptions?in_source=YoutubeOriginals Bloomberg Originals offers bold takes for curious minds on today’s biggest topics. Hosted by experts covering stories you haven’t seen and viewpoints you haven’t heard, you’ll discover cinematic, data-led shows that investigate the intersection of business and culture. Exploring every angle of climate change, technology, finance, sports and beyond, Bloomberg Originals is business as you’ve never seen it. Subscribe for business news, but not as you've known it: exclusive interviews, fascinating profiles, data-driven analysis, and the latest in tech innovation from around the world. Visit our partner channel Bloomberg News for global news and insight in an instant. [Source](https://www.youtube.com/watch?v=nBOmghLypWc)

Source quotes

[0:01] 只要你能刷 TikTok，你就能做交易 [0:01] 仅今天一天我就赚了 1.6 万美元 [0:01] 我一直是个极具冒险精神的人，这几乎刻在我的骨子里。 [0:01] 直冲月球（To the moon） [0:01] 不成功便成仁（go big or go home） [3:49] 作为 Z 世代的一员，我们似乎在所有事情上都被挤出了市场（priced out）——买不起房、生不起孩子、连买结婚戒指都难以承受；房租不断疯涨，工资却停滞甚至下滑，失业率居高不下。这套体制显然已经不再为我们运转，所以每个人都在拼命寻找属于自己的另类出路。 [3:49] 看着身边的人每天起早贪黑地挣扎求生，而我只是在手机屏幕上点来点去就能赚到这么多钱，这真的是一种荒谬至极的脱离感（weird disconnect）。 [7:58] 成交、快成交 [7:58] 天啊兄弟！见鬼了！我一把亏了 15.2 万美元！ [9:14] do their own research

Source quotes

[0:00] Bro, it's simple. If you can scroll TikTok, you can trade. [0:00] I've always been a big risk taker. It's kind of just part of who I am [0:00] To the **** moon! [3:49] We seem to be constantly getting priced out of everything. Owning a home, being able to afford to have kids, being able to afford a wedding ring, rent keeps going up, the wages keep stagnating or going down, unemployment is rising. So there's a desire to try and find your own way because the system doesn't seem to be working for us. [3:49] I'm very focused on saving... But seeing people who struggle every day just to get by and I'm doing this and it works... It's just such a weird disconnect because I'm pressing buttons on my phone. [6:38] Please, please. Order filled. Hold on. Oh my God, dude!... Bro, I lost 152K.

Original transcript

[0:01] There are many types of risk [0:03] and now even trading is an extreme sport. [0:07] In this video, I will start [0:08] with risking only $100 per trade. [0:10] Bro, it's simple. If you can scroll TikTok, you can trade. [0:14] You have the fear of missing out on a trade. [0:16] And judging by social media, everyone is getting rich. [0:20] We're at $232,000. [0:23] Just today I made $16,000. [0:27] More young people are investing than ever before, [0:31] and they're learning about markets in a way no generation has. [0:34] Gen Z really is distinct from other age groups. [0:37] If you go on social media now, you will see a lot [0:40] of sophisticated trading techniques used in ways [0:43] that I think no one would've imagined a 20-year-old in 1990, [0:48] 2000, or even 2010 doing or even knowing about. [0:52] I want to show you this trade I'm taking. [0:53] A lot of that activity has also broadened [0:56] to sports gambling, for instance, [0:57] or trading on prediction markets. [0:59] But there are worries [1:01] that these investors are over-leveraged, [1:03] taking one too many risks. [1:06] I've always been a big risk taker. [1:08] It's kind of just part of who I am. [1:10] Three, two, one, [1:13] To the **** moon. [1:15] Holy **** [1:17] Well, you know what? [1:18] Gen Z has a highly differentiated view of risk. [1:22] They don't drive, they don't date, they don't drink. [1:26] On the other hand, they're also this extremely [1:28] risk-taking generation. [1:30] And for many, it's the only path they [1:32] see to getting ahead. [1:34] YOLO stands for you only live once. [1:37] So YOLO Bets would refer to risky investments [1:41] where the trader has an attitude of, you know, [1:43] you go big or you go home. [1:51] Every individual is different. [1:51] Every individual's different. [1:52] We all have our own sort of risks that we feel comfortable [1:55] with, but we do see each generation sort [1:58] of experiences a lot of different risk events [2:00] and that can have this generational impact. [2:03] We generally think of Gen Z as people born [2:05] between the late 1990s and the early 2010s. [2:09] One way to think about it is like it's Z for Zoomers. [2:12] These are people who all kind of went online [2:16] during the COVID pandemic [2:17] and who were all defined by that experience. [2:20] Some of them were children [2:22] during the great financial crisis. [2:23] They certainly felt the stress of their parents [2:27] losing quite a lot of their stock market portfolios [2:30] or maybe even losing their homes. [2:32] And then they were graduating high school [2:34] or going into college [2:36] or entering the labor force during the pandemic, [2:38] which is a huge shock. [2:40] If you're especially a male college graduate, [2:43] the economy overall is in good shape. [2:45] You're looking at unemployment rates similar [2:47] to a recession level. [2:48] You're looking at unemployment rates similar to a recession level. [2:49] More generally, all young people have had a harder [2:52] time finding a job. [2:54] This is the average unemployment rate for all workers. [2:57] This is the average unemployment rate for all workers. [2:58] Now look at young workers. [2:58] Now look at young workers. It's hovering around 7%. [3:01] It's hovering around 7%. [3:03] we see this sort of odd dichotomy going on with Gen Z, is if you look [3:03] We see this sort of odd dichotomy going on with Gen Z. [3:05] If you look at their financial portfolios, [3:07] they have more money than any other generation, [3:10] but they also are going [3:11] to be a lot less likely to own a home. [3:13] There's so many Gen Z folks, millennial folks really [3:17] who are coming of age. [3:18] They're ready to have children and get a place of their own [3:21] and yet they can't afford it. [3:23] Surveys about retirement suggests [3:25] that Gen Z feels very good about being on track [3:27] for retirement. [3:28] But when they talk about their overall financial situation, [3:31] they tend to feel pretty dark. [3:33] There's been an interesting academic paper from economists [3:36] at Northwestern University [3:37] and the University of Chicago showing that as people start [3:41] to give up on home ownership, they tend to consume more, [3:45] work less and put more money in risky investments. [3:49] It's an outlook that's being called financial nihilism. [3:52] Financial nihilism is a term that was coined [3:55] by the podcaster, Dimitri Kofinas. [3:58] And it refers to this idea that it seems like a lot [4:01] of traditional long-term path [4:03] to financial security no longer work. [4:06] And so under those circumstances, you might as well go [4:09] for broke and take big risks in order [4:11] to meet your financial goals. [4:13] and take big risks in order to meet your financial goals. [4:15] Studies suggest a higher percentage of Gen Z [4:17] and millennials feel behind financially [4:20] and need to take risks to catch up. [4:23] Gen X and boomers tend to feel more secure [4:26] and trust in traditional investments. [4:29] and trust in traditional investments. [4:30] that Gen Zers have spent the last two decades or so [4:30] Gen Zers have spent the last two decades [4:32] or so in a pretty straightforward bull market. [4:36] in a pretty straightforward bull market. [4:36] For instance, if you put your money in the S&P [4:36] For instance, if you put your money in the S&P 500 10 years [4:40] ago, you would've seen that grow on average 15% a year, [4:45] which is actually historically very high. [4:47] 15% a year, which is actually historically very high. [4:48] So there's a really big correction a few years ago, [4:48] There was a really big correction a few years ago, [4:50] but the market recovered from that. [4:52] So that has really fostered the sense [4:55] that they can win if they play the stock market. [4:58] that they can win if they play the stock market. [5:00] currently I'm part of Gen Z we seem to be constantly getting priced [5:00] I'm part of Gen Z. [5:02] We seem to be constantly getting priced out of everything. [5:04] Owning a home, being able to afford to have kids, being able [5:07] to afford a wedding ring, rent keeps going up, [5:10] the wages keep stagnating [5:12] or going down, unemployment is rising. [5:14] So there's a desire to try and find your own way [5:17] because the system doesn't seem to be working for us. [5:20] your own way because the system doesn't seem to be working for us. [5:21] So my initial investment was 13,000 in total. [5:21] So my initial investment was 13,000 in total. [5:25] I have made 109,000 from retail trading. [5:28] I'm very focused on saving [5:30] and making sure that I have a financial future. [5:33] But seeing people who struggle every day just to get by [5:37] and I'm doing this and it works. [5:42] It's just such a weird disconnect [5:43] because I'm pressing buttons on my phone. [5:46] it's just such a weird disconnect because I'm pressing buttons on my phone. [5:47] Playing the stock market is key here because day trading [5:51] and the apps that support it are also [5:53] a form of entertainment. [5:54] trading and the apps that support it are also a form of entertainment. [5:56] way? Gamification has been one of the biggest themes in retail [5:57] Gamification has been one [5:58] of the biggest themes in retail [6:00] investing in the past decade. [6:02] It's rewarding a lot of parts of your brain [6:06] that you might get if you're winning something [6:08] and it reinforces certain behaviors [6:10] and it makes a investing in a stock fun. [6:14] Hold that thought until after this. [6:15] Hold that thought until after this. [6:16] The London Stock Exchange continues to shrink. [6:20] Uncover more at bloomberg.com/videos. [6:24] Technology has allowed this [6:25] to become something almost similar to social media, right? [6:28] Where we've got people who, you know, [6:29] maybe they're double tapping on Instagram, [6:32] they're going into TikTok, [6:33] and then they're also between those moves going [6:35] into their investment apps. [6:37] those moves going into their investment apps [6:38] Take the US options market, which was once the domain [6:41] of professionals at hedge funds and trading desks. [6:44] Look how trading volumes have launched record [6:46] after record in recent years, driven [6:49] by itchy retail investors. [6:51] Driven by itchy retail investors driven by is academic research has always [6:52] Academic research has always been consistently negative [6:56] about excessive trading for individual traders. [7:00] One reason is that a lot of individuals tend [7:02] to trade too much, which means they give away a lot [7:05] of their gains in the form of transaction costs [7:08] or they tend to chase trends and buy assets at their peak. [7:11] or they tend chase trends and buy assets of their peak. [7:12] And younger people are more likely to own alternative assets. [7:12] And younger people are more likely [7:14] to own alternative assets. [7:16] For example, other generations don't have [7:19] as much crypto in their portfolios as millennials and Gen Z. [7:23] in their portfolios as Millennials and Gen Z. [7:24] We've seen [7:25] the line between gambling [7:26] and investing get increasingly blurred. [7:29] And probably some people would say [7:30] that there has never really been a clear difference. [7:33] some people would say that there has never really been a clear difference. [7:34] But with gambling, there tends to be more of a winner and a loser. [7:34] But with gambling, there tends to be more [7:36] of a winner and a loser. [7:37] But with gambling, there tends to be more of a winner and a loser. [7:38] is investing to me has positive, say, externalities for the whole economy. [7:38] Investing to me has positive, say, [7:41] externalities for the whole economy. [7:43] Like you buy a share of a stock, [7:45] you hold it for the long term. [7:47] That company might invest in technology. [7:49] They might hire someone and it sort of grows the economy. [7:52] If you bet on a football game, it's not quite clear [7:55] what economic benefit is to that. [7:58] Appetite and incentives [7:59] for risk varies not only across generations, [8:03] but geographies as well. [8:05] In the US, they're obviously risk hungry. [8:08] We've seen the same in South Korea where they're famous [8:10] for trading these leveraged ETFs. [8:13] But it's been a little bit more muted in Europe [8:16] where historically people have put up more [8:19] of their money in bank deposits [8:21] or safer fixed income investments. [8:23] And here we're actually seeing governments wanting [8:25] to encourage people to put more [8:27] of their money in the stock market. [8:30] There's one study that looked at Gen Zers in China [8:33] and find that they are more risk averse than other [8:35] Chinese generations. [8:37] When you look in their investment habits, [8:38] they're more likely to invest in gold. [8:39] When you look in their investment habits, they're more likely to invest in gold, [8:41] wherever they are. [8:41] Wherever they are, it's important not [8:43] to dismiss young investors. [8:44] After all, money is being made here, [8:47] just not necessarily all the time. [8:50] Please, please. Order filled. Hold on. [8:52] Oh my God, dude! [8:53] Oh my gosh, dude. Gosh dang it. [8:56] Bro, I lost 152K. [9:00] There's a real danger of patronizing Gen Z. [9:05] and I think [9:05] And I think something that we know about this generation is [9:07] that they have grown up with smartphones. [9:09] They have grown up with the ability [9:11] to look up whatever it is they want to look up [9:14] and quote unquote, do their own research. [9:16] they want to look up and quote unquote, do their own research. [9:16] That's So you have this group of people who are young, they're just starting out. [9:17] You have this group of people who are young, [9:19] they're just starting out, and they're investing at a time [9:22] when they see massive amounts of wealth inequality, [9:26] that cultural moment where risk has become more acceptable. [9:30] With all the signs of wealth these days they're seeing on [9:33] social media a lot of people feel driven to take big risks [9:36] and to make a lot of money within a short amount of time. [9:39] So you've got the affordability crisis combining [9:43] with a greater cultural acceptance of risk taking, [9:46] and that's created the moment that Gen Z is in right now. [9:48] And that's created the moment that Gen Z is in right now.