According to a report from the Financial Times in the UK on November 28, research published by economists from the University of Chicago and Northwestern University in Illinois shows that young people facing hopelessness in buying housing are more inclined to invest in high-risk financial assets such as Crypto Assets.
Researchers Seung Hyeong Lee and Younggeun Yoo found through analyzing data on American credit card transactions, wealth, and attitudes that young adults who have almost no realistic possibility of purchasing a home stand out in reducing work effort, increasing leisure spending, and investing in risk assets including Crypto Assets. In contrast, those who are likely to achieve home ownership in the medium term or who already own a home take on less risk and work harder.
Research has also found that as housing affordability worsens, those who believe they are locked out of homeownership adopt a mixed strategy of high-risk betting and “financial nihilism.”
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