Economists: Research shows the housing crisis is driving America's Generation Z toward cryptocurrency investment and economic nihilism.

On November 28th, according to a report in the Financial Times, a study published by economists from the University of Chicago and Northwestern University in Illinois shows that young people facing a lack of hope for homeownership are more inclined to invest in high-risk financial assets such as cryptocurrencies.

Researchers Seung Hyeong Lee and Younggeun Yoo, through analysis of Americans' credit card transactions, wealth, and attitudes, found that young adults with little realistic possibility of purchasing a home showed a strong tendency to reduce work effort, increase leisure spending, and invest in risky assets, including cryptocurrencies. In contrast, those who hoped to achieve homeownership in the medium term or already owned a home took less risk and worked harder.

The study also found that as housing affordability deteriorates, those who feel locked out of homeownership adopt a hybrid strategy of high-risk betting and "financial nihilism."