One In Four Young Men In The U.S. Engage In Day Trading. Most Of Them Feel Like Failures
A new survey revealed that almost two thirds of young men who are retail traders feel like failures in their lives.
The poll, conducted by the Institute for Family Studies and reported by Bloomberg, noted that one in four men aged between 18 and 29 said they trade stocks daily. Of them, 64% feel like failures.
The outlet noted that figures are quite similar when it comes to young men who gambled daily. 23% of respondents said they do, and 66% feel like a failure.
It then cited research suggesting that young men are resorting to such activities to obtain profits in an economy where they have little perspectives of growth.
In fact, a recent survey showed that nearly two-thirds of American adults are now living paycheck to paycheck. Most have little or no financial cushion after paying for essentials such as housing, food, utilities and transportation.
The findings from the CNBC and SurveyMonkey Quarterly Money Survey suggest that millions of Americans remain financially vulnerable, with many saying they would struggle to absorb even a modest unexpected expense or a temporary interruption to their income.
Among all respondents, 20% said they generally break even each month, and 17% reported spending more than they earn, leaving them in a monthly deficit. Only a minority said they consistently have significant disposable income remaining after paying bills
Among respondents who reported ending each month with a financial deficit, the size of those shortfalls differed considerably.
The survey found 25% fall short by less than $100 each month, 26% report deficits between $101 and $250, 37% say they are short between $251 and $1,000, and 12% face monthly deficits exceeding $1,000.
61% of respondents said money pressures have forced them to postpone important life milestones.
Those delayed plans include saving for retirement, purchasing a home, buying a vehicle, getting married, and making other significant financial commitments.
Rather than building wealth or investing for the future, many households report focusing primarily on covering immediate living expenses.
More than half of those surveyed said they feel more financially stressed today than they did one year ago.
Among the biggest contributors to that stress were insufficient savings (45%), credit card debt (30%), auto insurance costs (25%), and medical expenses (23%).
Beyond their personal finances, respondents also expressed concern about the broader economy.
According to the survey, 50% believe economic conditions will worsen over the next year.
The leading reasons cited included the rising cost of living (79%), government policy (68%), and international conflicts and global uncertainty (62%).
