More than half of Gen Z adults ages 18 to 29 put money they had intended to invest for retirement into sports betting over the past year, according to a recent survey by the investing and financial advice app Betterment. And quite a few — 14% — said they're doing so several times a month.
"When a prediction market or sportsbook starts to feel like a retirement strategy, we have a problem," Betterment CEO Sarah Levy told Yahoo Finance.
"These products are not designed to help them build toward the next decade of wealth, " she said. "The industry has a responsibility to be clear about the difference between participating in a trend and building lasting wealth."
About 26% of Gen Z investors said they treat sports betting as a "deliberate, ongoing part of their long-term financial strategy," according to the survey. That's compared with roughly 14% of millennials, 6% of Gen X, and 1% of baby boomers.
More than 3 in 10 Gen Z adults said they completely avoid sports betting as an investment strategy. For those who do dabble, about a quarter said they considered it "fun money."
#strategy
"When a prediction market or sportsbook starts to feel like a retirement strategy, we have a problem," Betterment CEO Sarah Levy told Yahoo Finance.
"These products are not designed to help them build toward the next decade of wealth, " she said. "The industry has a responsibility to be clear about the difference between participating in a trend and building lasting wealth."
About 26% of Gen Z investors said they treat sports betting as a "deliberate, ongoing part of their long-term financial strategy," according to the survey. That's compared with roughly 14% of millennials, 6% of Gen X, and 1% of baby boomers.
More than 3 in 10 Gen Z adults said they completely avoid sports betting as an investment strategy. For those who do dabble, about a quarter said they considered it "fun money."
#strategy
30 days ago
