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FT: US Housing Crisis Pushing Gen Z Toward Cryptocurrency and 'Economic Nihilism'
BlockBeats News, December 7th, The Financial Times published an article stating that the continuously worsening housing affordability in the United States is profoundly changing the financial management and consumption behavior of Generation Z, even driving some young people to turn to cryptocurrency speculation and giving rise to feelings of "economic nihilism."
The imbalance between housing prices and income has become a core force influencing the economic behavior of young people. Faced with the unattainable goal of homeownership, some young people choose to "lie flat," reduce savings, and invest more frequently in high-risk assets such as cryptocurrency. Surveys show that young people who consider homeownership unrealistic are more likely to exhibit three behaviors: reduced savings, decreased work motivation, and increased speculative investment. In contrast, young people who still believe they can buy a house in the future will be more actively saving and planning, as a change in belief in the goal alters the incentive mechanism.
The article emphasizes that as the opportunity cost of buying a house soars, an increasing number of young people are investing their time and money in areas with higher immediate feedback, such as the speculative market. To reverse this trend, policies need to directly improve housing supply and prices, such as:
Relaxing housing construction restrictions
Increasing the construction of affordable housing
Optimizing land use regulations
The FT believes that enhancing young people's financial literacy is also crucial, including skills such as budget management, basic investment knowledge, risk assessment, and long-term savings planning, as this will determine whether they can achieve their homeownership goals in the future.
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