The viral survey about Gen Z treating sports betting as a financial strategy is misleading and reflects social media distortion rather than reality.

10:04of the show, Dan Egan. >> Oh yeah. Oh, credit to me. I went to the source. How about that? >> So they said where sports betting fits into financial goals for Gen Z, 36% don't participate. That's not a headline, right? Nobody wants to read that. So 36% of Gen Z people just don't bet. 15% used it to accelerate a goal. All right. Uh 14% occasionally redirected funds. Also very not headliny

10:29at all. Nobody is going to kick click that. Uh 23% kept funds separate as fund money. Again, nobody's clicking that. That's not very interesting. That sounds nord dare I say that sounds responsible. and 11% 11% so one in 10 have it as a high-risisk strategy investment strategy you know these numbers I I don't know I I don't find them unbelievable anything there that you say that there's

10:54no way that's true >> no this is not nearly as bad but then Bloomberg talks to this 32-year-old dude who says um it's not just a hobby for me I'm smarter than the gambling markets and he said this year he made he said he booked a whole vacation thanks to the Carolina Hurricanes which sounds insane to say out loud so you find these anecdotes and you you latch on to them

11:13and you go see everyone feels like they have to do this have to gamble on sports just to get ahead. The thing is young people are so far a so much further ahead financially than previous generations just because it's so much easier. So people doing everything now >> they're much more advanced than we were. >> More young people have IAS. More young people have 401ks. More young people

11:33have Robin Hood accounts. More young people also gamble online because guess what? It's easier. We didn't have access to this stuff. So, no one talked about it or did it. >> Uh, no offense to Robert. He's 32. There's like the scene in Wedding Crashers when they're sitting on the steps of the Washington Monument or maybe it's in Jeff. [laughter] I can't remember. Come on, we were young. Couple

11:51of kids. And I think Owen Wilson says, "Not that young. Robert, you're not that young. You're 32 years old. Snap out of it." Robert says, "I booked a whole vacation thanks to the Carolina Hurricanes this year." Which sounds insane to say out loud. It's not that insane to say out loud. Uh, a little bit insane, but guess what? You could also not book a vacation because of the

12:08Hurricanes. you're 32 years old. >> True. That you should be saving in a different way. But so there's there was this other survey done by empower that a lot of people point to and they asked they asked every generation what do you need for a minimum net worth to be what does financial success look like to you and what's a minimum salary? >> This is garbage. We've been through this