Financial nihilism: young people abandon traditional methods of wealth accumulation.

In recent years, a troubling phenomenon has begun to take shape among younger generations, who have abandoned faith in traditional methods of wealth accumulation. As the financial world transforms, a new philosophy known as "financial nihilism" has emerged, characterized by a lack of trust in the intrinsic value of money and a tendency to opt for high-risk investments. This paradigm shift is represented by individuals like Sebastián Roca, a young man who has dedicated his life to investing, risking his financial stability for the promise of quick profits in the volatile cryptocurrency market. Roca, like many of his contemporaries, feels trapped in an economic cycle that has left little room for optimism. Having witnessed his parents' struggles during the 2008 economic crisis, he has decided that the old formulas of work and saving are insufficient. At just 25 years old, he has managed to accumulate and lose significant sums in the cryptocurrency market, a field where promises of quick wealth often turn into disillusionments. His experience resonates with many young people who see money as a means to an end, yet whose faith in its real value has eroded. The economic situation in Spain is discouraging. With salaries having lost 13% of their purchasing power and a housing market that is becoming increasingly inaccessible, youth face an uncertain future. Data from the Youth Council shows that housing costs exceed the average salary of young people aged 16 to 29, while the youth unemployment rate remains above 28%. These circumstances have led many to rethink their investment strategies, opting for riskier methods in search of immediate results. Financial nihilism, a term coined by economist Demetri Kofinas, provocatively describes this trend. At its core, it suggests that young people have lost faith in the traditional financial system and, therefore, in the ability to generate wealth through conventional means. This phenomenon is not exclusive to Spain; similar behavior is observed among young people in the United States and other parts of the world, who bet their futures on speculative investments that barely rest on traditional economic analysis. Kofinas and other analysts have noted that the 2008 crisis, along with bailout policies and massive money printing, has contributed to a perception of injustice and distrust in the value of money. Cryptocurrencies, which were born with utopian ideals of decentralization and financial autonomy, have become vehicles for speculative gambling. The transformation of Bitcoin from a revolutionary ideal to a high-risk asset has led many to question the very nature of investment. In this context, the gamification of trading has made investing resemble more of a game than a financial strategy. Investment platforms have adopted features from video games, attracting a new generation seeking excitement and instant rewards. This shift has led to a considerable increase in the number of young investors, who seek to maximize their profits in very short timeframes, often without a proper understanding of the risks involved. Economists like Juan Ignacio Crespo observe that this behavior can be seen as a form of "financial hooliganism," where risking capital becomes a playful activity. The lack of traditional opportunities and the culture of immediacy have led many to seek quick returns rather than build a sustainable financial future. Social media, which amplifies success stories in risky investments, further fuels these excessive expectations. Santiago Niño-Becerra, in his analysis of the future of capitalism, suggests that this financial nihilism could signal the end of a system that has reached its limits. For many young people, the idea of achieving prosperity through hard work has become obsolete, reinforcing the belief that the only way to get ahead is through risky bets. The promise of a better life has become a dream that seems more attainable through investments in digital assets than through building a solid career. As the financial landscape continues to evolve, it is crucial for both young people and adults to reflect on the values that underpin their economic decisions. The perception that wealth can be obtained quickly and easily is a dangerous illusion that could lead to even deeper disillusionments. Financial education and an understanding of the true value of money are essential for new generations to navigate a world where financial nihilism seems to be becoming the norm. The future of the financial system will depend on the ability of its actors to restore trust in what money represents and in the opportunities it offers. Without a change in mindset that prioritizes stability and long-term planning, financial nihilism could become a symptom of a deeper crisis affecting not only young people but society as a whole.