--- title: '''Financial Nihilism'' Is Pushing Young Americans Toward Crypto, Sports Betting and More' description: Rising inflation and fading optimism push Gen Z and millennials toward risky bets like crypto and meme stocks to get ahead. authors: - name: Adam Hardy role: Lead Data Reporter url: https://money.com/author/adam-hardy/ bio: Adam Hardy is a lead data journalist at Money, where he frequently reports on financial barriers that affect low-income Americans. Adam’s work has also appeared in Business Insider, Forbes, Nasdaq, The Penny Hoarder, Yahoo! Finance and more than a dozen local and regional newspapers. education: University of South Florida, BA, Magazine Journalism at_money_since: 2021 articles: 498 covers: - Investing - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes - Technology also_seen_in: - The Penny Hoarder - Forbes Advisor - Creative Loafing - The New York Times - The Washington Post - Bloomberg - Harvard Law School - The Federal Register - National Consumer Law Center - CBS News - Becker's Hospital Review - Business Insider - Mother Jones - The Week - Fortune - The Philadelphia Inquirer - National Association of Student Financial Aid Administrators (NAFSAA) - Education Advisory Board (EAB) - The Institute for College Access & Success (TICAS) - This Morning with Gordon Deal - Empower - Reddit social: - https://www.x.com/hardyjournalism - https://www.linkedin.com/in/hardyjournalism/ editors: - name: Katherine Peach role: Associate Editor url: https://money.com/author/katherine-peach/ bio: Katherine Peach is an associate editor with a focus on news and email at Money. She didn’t always intend to write about money. She’s a classically trained pianist who dreamed of becoming an archaeologist. However, in 2007 Katherine began working in financial publishing as an editor for Agora Inc. (Apparently, unearthing ideas about improving your personal finances isn’t such a bad career alternative!) Katherine’s writing and editing work has been featured in Investing Daily, Clever, Investor Junkie, The Palm Beach Letter, Truth & Plenty, Independence Monthly, NICHE, AmericanStyle, AntiqueWeek, Millennial Money, Money Done Right, TheStreet, Sure Dividend and many others. Katherine holds a Bachelor of Arts in Ancient Studies with concentrations in Archaeology and Ancient Languages and a minor in Literature from the University of Maryland, Baltimore County. She is a member of Phi Beta Kappa. education: University of Maryland, Baltimore County at_money_since: 2025 articles: 14 covers: - Investing - Banking - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Federal Reserve Rate Cuts - Health and Wellness - Housing - Identity Theft - Insurance - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes published: '2026-03-10T12:30:22.000Z' section: Investing word_count: 578 canonical: https://money.com/financial-nihilism-gen-z/ type: Article source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Photo collage of a young woman with a pensive look holding a laptop with a stock chart in the background](https://img.money.com/2026/03/News-Financial-Nihilism-Consuming-Generations.jpg) After five years of persistent, elevated inflation, new data shows that so-called “financial nihilism” has taken root among young Americans. The term reflects the widespread feeling of disenchantment among Gen Zers (born between 1997 and 2012) and millennials (born 1981 to 1996), especially when it comes to checking off key life milestones related to the American Dream. ## Save time & stress — Get expert financial peace of mind ![Get Started](https://s3.consumersadvocate.org/prd/image/image/39598/medium_1ef76516-dc75-4ee1-bb20-abc490a96567.webp) Our Partner [Get Started](https://money.com/go/fd56befd2d34?bidid=4030433802&pmeta=p129-c579-u41076&ptid=662405424&ptoken=686a66cb2b4b6dd32f0fbb8fc6dc229f&apxa1=prediction-markets-insider-trading) ![Get Started](https://s3.consumersadvocate.org/prd/image/image/23375/medium_3bc88782-8fff-4c3e-85cb-335c9fcf36de.png) Our Partner [Get Started](https://money.com/go/243ec1148e79?bidid=4030433805&pmeta=p129-c579-u41076&ptid=662405424&ptoken=ad235dc0ea7f7cbef80593e2b37f928c&apxa1=prediction-markets-insider-trading) ![Get Started](https://s3.consumersadvocate.org/prd/image/image/28104/medium_d5970849-7b23-4f32-80c4-adde5be39b6c.png) Our Partner [Get Started](https://money.com/go/1727460ae000?bidid=4030433806&pmeta=p129-c579-u41076&ptid=662405424&ptoken=143d835cf0ae92ef71b2fb0188d038d5&apxa1=prediction-markets-insider-trading) ![Get Started](https://s3.consumersadvocate.org/prd/image/image/12042/medium_3f5b6608-bf8f-4076-8965-54f4b96cd9af.png) Our Partner [Get Started](https://money.com/go/55b5916c9ee9?bidid=4030433804&pmeta=p129-c579-u41076&ptid=662405424&ptoken=84aac8ab5fb3250f91cd9e267bc6fb94&apxa1=prediction-markets-insider-trading) ![Get Started](https://s3.consumersadvocate.org/prd/image/image/35117/medium_4cd45dfc-1300-479a-bf70-a79e0df6b02f.webp) Our Partner [Get Started](https://money.com/go/e4da195fc2ed?bidid=4030433807&pmeta=p129-c579-u41076&ptid=662405424&ptoken=705cd69d852631ac9d4e33d268a9d333&apxa1=prediction-markets-insider-trading) When saving for a down payment or retirement feels futile, many young people turn instead to risky strategies involving [cryptocurrencies](https://money.com/gen-z-crypto-vs-retirement/), meme stocks and [sports betting](https://money.com/online-sports-betting-stock-market/) to try to get ahead, according to Northwestern Mutual’s annual [Planning and Progress study](https://news.northwesternmutual.com/2026-03-09-Americans-Finances-are-Improving-But-Some-Still-Feel-Behind-and-are-Turning-to-Prediction-Markets,-Sports-Betting-and-Crypto-to-Catch-Up,-According-to-Northwestern-Mutuals-2026-Planning-Progress-Study) released Monday. “When people feel behind, they often look for shortcuts," John Roberts, Northwestern Mutual's chief field officer, said in the report. "But building financial security is rarely about cutting corners. It's about consistency, discipline and protection.” ## Economic woes fuel financial nihilism Northwestern Mutual’s study cites inflation and economic uncertainty as tinder for the financial nihilism fire. The study found that more Americans (45%) expect the economy to worsen this year than those who expect it to improve (36%), and nearly 6 in 10 respondents say they believe inflation will continue to rise in 2026. Overall, inflation is “overwhelmingly” cited as the No. 1 obstacle to achieving financial security, Northwestern Mutual says. And while these economic issues are felt across generations, they particularly affect younger adults. For instance, 73% of Americans who feel financially behind say high-risk, speculative investments can help them reach their financial goals more effectively than traditional methods. The younger the respondent, the more likely they are to agree with that mindset: 80% of Gen Z, 75% of millennials, 66% of Gen X (born 1965 to 1980) and 51% of baby boomers (born 1946 to 1964). Economist Kyla Scanlon — a Gen Zer known for coining the popular economic term “vibecession” — explained in a recent essay for the [*Wall Street Journal*](https://www.wsj.com/personal-finance/financial-nihilism-gen-z-gambling-meme-stocks-options-kyla-scanlon-7ae4f2aa?) that younger adults are searching for returns that the traditional job or stock market isn’t giving them. “Young adults aren’t confused or bamboozled by the risks they’re taking. They understand them,” she wrote. “They’re responding to an economy where the usual advice no longer lines up cleanly with outcomes.” The job market is also particularly tough on younger workers, which can exacerbate the trend. The unemployment rate for young workers between 22 and 27 was nearly 8% as of December, according to the [latest data](https://www.newyorkfed.org/research/college-labor-market#--:explore:unemployment) from the New York Federal Reserve. For recent college graduates of the same age, the unemployment rate was 5.6%. Given that most Americans’ exposure to the stock market comes from retirement accounts through the workplace, a high youth unemployment rate acts to bar them from the markets — and push them into riskier investments. Last year, an [investing study from YouGov](https://commercial.yougov.com/rs/464-VHH-988/images/WP-2025-02-US-Investment-Trends-Report.pdf) found that Gen Zers are four times more likely to own crypto than a retirement account. For Dinon Hughes, a Gen Z financial planner, it makes sense. He [previously told Money](https://money.com/gen-z-crypto-vs-retirement/) that he sees these trends playing out among his clients and peers alike. “With that foundation, which do you think a 20-something person is more likely to do on their own,” he said — open an individual retirement account or “make a couple quick bucks off crypto?” ![](https://s3.consumersadvocate.org/prd/image/image/29780/medium_e439fd1c-3ee2-41b2-bccf-5dfe3c4d8add.png) Protect your vehicle with affordable Car Insurance. [View Rates](https://money.com/pr/b046d48341c1?ap_referrer=%2Ffinancial-nihilism-gen-z%2F&apxa1=prediction-markets-insider-trading) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/financial-nihilism-gen-z/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Investing", "item": "https://money.com/investing/" }, { "@type": "ListItem", "position": 3, "name": "Alternative Investments", "item": "https://money.com/alternative-investments/" }, { "@type": "ListItem", "position": 4, "name": "'Financial Nihilism' Is Pushing Young Americans Toward Crypto, Sports Betting and More" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/financial-nihilism-gen-z/#webpage", "url": "https://money.com/financial-nihilism-gen-z/", "name": "'Financial Nihilism' Is Pushing Young Americans Toward Crypto, Sports Betting and More", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2026-03-10T12:30:22.000Z", "mainEntity": { "@id": "https://money.com/financial-nihilism-gen-z/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/financial-nihilism-gen-z/#breadcrumb" } }, { "@type": "Article", "headline": "'Financial Nihilism' Is Pushing Young Americans Toward Crypto, Sports Betting and More", "articleSection": "Investing", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2026/03/News-Financial-Nihilism-Consuming-Generations.jpg", "width": 2448, "height": 1632, "caption": "News-Financial-Nihilism-Consuming-Generations" } ], "author": [ { "@type": "Person", "name": "Adam Hardy", "url": "https://money.com/author/adam-hardy/", "@id": "https://money.com/author/adam-hardy/#author", "description": "Adam Hardy is a lead data journalist at Money, where he frequently reports on financial barriers that affect low-income Americans. 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