Why Young Americans Feel Stuck in Today’s Economy — ft. Ed Elson & Kyla Scanlon

Summary

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Episode Overview

Theme:
This special installment of “Prof G On Economics” delves into why young Americans feel stuck in today’s economy. Co-hosts Ed Elson and economic commentator/author Kyla Scanlon answer listener questions about generational shifts in spending, misunderstood economic metrics, and the challenge of interpreting economic noise in a confusing era. Together, they break down the data behind changing spending habits, discuss the psychology of financial “nihilism,” and share practical strategies for making sense of complex economic news.

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Key Discussion Points & Insights

1. Generational Spending Shifts and the American Dream

Listener Question: How is younger generations’ spending on experiences, pets, and accessible luxuries—as opposed to homes and families—changing the economy? What opportunities may emerge?

• Aspirational Displacement:
  • Young people are diverting funds from traditional milestones (like home buying) to experiences, pets, and “accessible luxuries.”
  • Kyla Scanlon (02:29): “There’s something called aspirational displacement, where people who can’t afford to buy a house…start buying experiences, they start spending on their pets…It’s an interesting indicator of economic health.”
• Cost Disease & Globalization:
  • Goods are cheaper thanks to productivity gains (“easy to automate a car factory, much harder to automate a physician”), but services remain pricey. Travel and international trade offer access to treats and luxuries.
• Examples & Data:
  • Dog Airlines: Wealthy pet owners, especially in high-income countries, are catered to.
  • Gen Z Pet Spending:
    • Average pet spend: $4,400/year
    • Gen Z: >$6,000/year—40% higher
    • 1/3 of Gen Z pet owners have gone into debt for their pets.
  • Ed Elson (05:30): “So instead of saving up for these meaningful purchases, you instead just spend all your disposable income on what people are calling ‘little treats’…maybe the dog flight would be one of them.”
• Economic and Social Irony:
  • A sense of “financial nihilism”—an acceptance that meaningful purchases like homes are unattainable, so focus shifts to attainable comforts.
  • Ed Elson (04:54): “We don’t have enough money to buy houses, but we do have enough money to buy flights for our pets. It’s got a very depressing irony to it.”
• Opportunities & Risks:
  • Brands catering to luxury experiences and pet owners are benefiting.
  • There’s a risk of debt accumulation for transient pleasures.
  • The “American Dream” path is evolving due to economic constraints.

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2. Misunderstood Economic Indicators

Listener Question: What’s the most misunderstood indicator of whether young people are actually gaining ground financially?

• Stock Market Participation:
  • High numbers of Gen Z investing, but with small balances.
  • Ed Elson (09:22): “If you look at Robinhood…average account balance is less than $250…Most of us, or at least on average…and then the second for me is like, what are we actually investing in? For most young people, it’s very heavy on the crypto and the meme stocks…That’s not healthy.”
  • Many are exposed to “risky” assets—Bank of America found ~30% of young investors’ portfolios are crypto.
• Sports Betting & The “Casino Economy”:
  • High engagement: 31% of 18–34s have a sports betting account; many bet frequently and heavily.
  • Kyla Scanlon (12:05): “But when you ask them if they want this, people say no…over 40% of people aged 18 to 29 think that legalized sports betting is bad…That matters.”
  • Signals not financial health, but desperation and easy access in search of quick wins.
• Misleading Signals:
  • Boomers may point to “avocado toast”/lattes or stock market stats as indicators young people are fine, but this masks deeper struggles.
  • Addictions & Unwanted Behaviors: Young people are engaged in things (betting, high-risk investing) out of a sense of limited options, not aspiration.
  • Ed Elson (13:40): “We’re addicted to this stuff. We know it’s not good for us, but we keep doing it because that’s the nature of addictions.”

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3. Navigating Economic Noise & Developing Informed Perspectives

Listener Question: With all the media noise, how do you cut through and develop unique, nuanced insights?

• Structured Intake and Note-Taking:
  • Kyla Scanlon (18:04): “What I do every morning is check all of the major outlets…Then I keep a running Google Doc throughout the week…I try to compartmentalize and create themes for all of the things I’m seeing…Everything is connected.“
• The Value of Explaining Things Simply:
  • Ed Elson (19:23): “How would I explain this in three minutes to someone who has zero context?...If you want to learn, teach, which is kind of what you do.”
  • Pressure to articulate a viewpoint (e.g., TV appearances, podcasts) deepens understanding.
• Advice for Listeners:
  • Read diverse sources and understand all angles.
  • Practice articulating views, whether in meetings, at social events, online, or in writing—“the more you hold yourself accountable to producing thoughts… it really helps you connect the dots.”
  • Caveat:
    • Kyla Scanlon (22:28): “I don’t know if we need, like, more hot takes. I think we need more informed takes…people should read the data, read the research, and then…post on LinkedIn.”
• Empathy, Curiosity, and Real Conversations:
  • Be careful not to internalize the overwhelming nature of today’s news (“part of the media environment right now is a little bit of the Flood the Zone strategy”), and seek direct, real-world input.
  • Kyla Scanlon (24:23): “I talk to a lot of people who are real and like not on twitter.com…You have to make sure you’re open and you have to make sure you’re approaching people with kindness because the world needs a little bit more of that.”

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Notable Quotes & Memorable Moments

• Aspirational Displacement:

  • Kyla Scanlon (02:29): “People who can’t afford to buy a house…start buying experiences, they start spending on their pets…It’s an interesting indicator of economic health.”

• Depressing Irony of Modern Spending:

  • Ed Elson (04:54): “We don’t have enough money to buy houses, but we do have enough money to buy flights for our pets. It’s got a very depressing irony to it…”

• Data on Pet Spending & Debt:

  • Ed Elson (07:04): “A third of those Gen Z pet owners say they have gone into debt because of their pets. So we’re literally levering up to put our dogs on flights and get them fancy dog collars…”

• Casino Economy & Unwanted Betting:

  • Kyla Scanlon (12:05): “Over 40% of people aged 18 to 29 think that legalized sports betting is bad. It’s up sharply from 34% in 2022 by the way. That matters. That changed…”

• Necessity of Viewpoint in Media:

  • Ed Elson (20:03): “My job is to say stuff…by the nature of this job, I literally have to have a viewpoint, and I have to articulate that viewpoint out loud.”

• The Need for Kindness in Discourse:

  • Kyla Scanlon (24:23): “You have to make sure…I think that you’re open and you have to make sure you’re approaching people with kindness because the world needs a little bit more of that.”

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Timestamps for Important Segments

• 01:49 – Opening listener question about generational spending patterns
• 02:29 – Kyla Scanlon on aspirational displacement and experience spending
• 05:30 – Ed Elson discusses “little treats” spending and financial nihilism
• 07:04 – Surprising stats on Gen Z pet spending and debt
• 09:22 – Misleading economic indicators; the myth of stocks/crypto meaning financial health
• 12:05 – Kyla Scanlon: sports betting participation, addiction, and generational attitudes
• 13:40 – Ed Elson: “Casino economy” as both symptom and cause of malaise
• 18:04 – Kyla Scanlon on media consumption and note-taking routines
• 19:23 – Ed Elson: The discipline of articulating opinions for deeper learning
• 22:28 – Kyla Scanlon urges for informed, not just hot, takes and broader empathy

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Tone

The conversation is frank, data-driven, and empathetic, blending hard economic truths with a spirit of curiosity and a call for kindness and honesty in public discourse. Both Ed and Kyla are skeptical of surface-level optimism and emphasize looking deeper—through data, direct conversation, and personal reflection—at what’s actually happening to young Americans in today’s economy.

Transcript

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[Kyla Scanlon]

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[Ed Elson]

Welcome to the second and final episode of Prof. G On Economics, a special series focused on the forces shaping the economy and your financial life. I'm Ed Elson, co host of Prof. G Markets. I'm joined again by Kyla Scanlon, economic commentator and author of in this Economy How Money and Markets Really Work. Together, we will be answering your questions on the economy and what it means for your money. And if you'd like to submit a question for next time, you can send a voice recording to officehoursopropertymedia.com or post your question on the Scott Galloway subreddit. Kyla, thank you for joining us. Thank you. Are you ready to get into this?

[Kyla Scanlon]

Yes.

[Ed Elson]

Our first question comes from Spencer Combs on Instagram. They say, quote, it seems like a growing number of millennials priced out of home ownership and delaying kids are redefining traditional spending patterns. Rather than channeling money into homes and early family life, they're allocating more toward experiences, pets, and accessible luxuries. These categories may increasingly replace those older economic anchors. How do you see this generational reallocation of spending influencing the economy overall and what opportunities could emerge as a result? Kyla, what say you to Spencer Combs?

[Kyla Scanlon]

I think it's an interesting question and it actually becomes an American dream question. So there's something called aspirational displacement where people who can't afford to buy a house, which is that traditional path of the American dream, they start buying experiences, they start spending on their pets because they have additional income, but they can't, you know, make a huge purchase like a house. And so it's an interesting thing that, that we're seeing in the economy. And on the previous episode, I talked about Bomos cost disease and how goods were getting cheaper and cheaper because we've gotten better and better at producing them. Services have taken a longer time to get cheaper because it's much harder to make services more productive. It's very easy to automate a car factory, much harder to automate a physician. And so I think that's also part of it is that it's much cheaper to access these accessible luxuries. We also have international trade which has informed a lot of the access to these luxuries, oftentimes which come from abroad. And then the experiences part is a lot of travel too. And so the average American travels a whole lot more than they used to. And so these are interesting indicators of economic health. So a lot of people have a sense of financial nihilism because they might not necessarily be on the path that they want to be with the American dream, but they can afford these things. And so it does create a weird discrepancy in the economy where we see strong retail sales but we see consumer sentiment so low. And in terms of how it's changing the economy, you see companies catering to it a lot more. Like there is a whole airline that caters just to dogs. I think it's called Bark. Have you seen this? Have you seen that? You can fly your dog on the Bark place. Yeah. No, I'm serious.

[Ed Elson]

Oh God.

[Kyla Scanlon]

Yeah. It's something that happens.

[Ed Elson]

Did not know.

[Kyla Scanlon]

It's something that happens in higher end income countries is, you know, more and more so they'll spend on these sorts of things. It's the same pattern that we saw in Japan as well, South Korea too. So yeah, it makes a lot of sense. And there's going to be a lot of luxury brands that are able to capture that, a lot of dog airplanes that are able to capture that. And it does represent a strange amount of economic health.

[Ed Elson]

I think the thing that's so depressing to me about it is it's like we don't have enough money to buy houses, but we do have enough money to buy flights for our pets. And that's such a weird like in between stage which is almost, I don't know if it's, it's worse than, than not having the money to, to buy the, the, the dog flights. But it's, it's definitely got like a very depressing irony to it that, that concerns me and it reminds me of also like the little treat culture.

[Kyla Scanlon]

This.

[Ed Elson]

Whole thing where it's, it's like you, you don't think that you can buy a house or get anywhere because everything's way too expensive. So instead of like saving up for these meaningful purchases, you instead just like spend all of your disposable income on what people are calling like little treats. So like maybe the dog flight would be one of them or like, you know, clothes or labo boos or like expensive coffee. Like whatever it is, maybe you'd put sports betting in that category, which is really concerning to me at least because it just makes me think that this generation has kind of given up and has decided that they're not, they're not going to get out, so why even try and to the dog flight? So I've got to look this up. Bark. That's crazy. So I have some data in front of me to the pet point about how much young people are spending on their pets. So I guess this really aligns with what you've just said. So the average American across all age groups spends, if you have a pet, spends $4,400 per year on their pets. For Gen Z, the number is over $6,000. So young people are spending 40% more than the average pet owner. But here is where it gets worse. A third of those Gen Z pet owners say they have gone into debt because of their pets. So we're literally levering up to put our dogs on flights and get them fancy dog collars and maybe get them fancy dog treats. And meanwhile the cost of housing is six times our income and we're doing nothing. It seems to figure out how to save for that event. And you can't really blame us because of the environment, the financial environment we're in. And I think this also goes to the stuff that we're seeing with family planning where young people just don't really want to have kids anymore. It seems like they're more interested in having a dog or a cat or a pet because it's just less expensive. So I don't know what the opportunity, I mean, the question is like, what opportunities arise. I'm not seeing much positive in any of that, but I think that it is a really good question that highlights something that probably deserves more airtime in the young people conversation. And after this, I will be checking out that airline.

[Kyla Scanlon]

Booking your dog on the airline. Well, it does create, I think. Oh yeah, I mean, it creates a distorted lens on, on the economy because like, some people will be like, hey, you know, they're buying their dogs airline tickets. You know, things have to be somewhat okay. So it is fine. Yeah, seen as like. And they do have the money to do it like it's some vault, they're taking out debt, but it's some element of economic health. And then it's just a shift in priorities too. And, you know, we often talk about this, like, fabled American dream is something I write a lot about because I think it's really interesting, like, what does the soc subscribe to as a path? And I think right now that path is evolving because of the economic constraints. You know, houses are just a lot harder to come by. And so it's harder to do family formation, to stay in one place even. And it's just a different world. And I think that's hard because for the past 40 years, with this great moderation where things, the growth of suburbia, the growth of white collar jobs, it seems like everything would stay stable forever. And this just, this is just not how the world works, apparently.

[Ed Elson]

So I'm looking at our second question, and it kind of relates to what we just discussed. This comes from Instagram user Alan Davidson. Alan asks, quote, what's the most misunderstood economic indicator when it comes to whether younger generations are actually gaining ground? This is interesting because it's, I mean, it really relates to what we just talked about, where if young people are out buying avocado toast and lattes, I feel like boomers immediately go, well, you can buy avocado toast, so you're fine, everyone's fine. The first thing that comes to mind for me is like, whatever avocado toast sales are, that would be a misleading economic indicator of what's really going on. But the one that bugs me right now is this interest that people have. And it's true that more young people than ever before are investing in the stock market. Like it's something like half of us today, half of Gen Z, which is a record high. And then also, like, young people today are investing way earlier than other generations did. So it's like, okay, you guys have some money and you're interested in stocks, therefore you're good. Like, you're in good shape. And for me, this frustrates me because I feel like it ignores two really crucial things, one of which is, how much are we actually investing? And the answer is, it's really not a lot at all. Like, if you look at Robinhood as an example, which is where most young people are trading, the average account balance is less than $250, which is tiny. So, sure, we're investing, but we're not investing in a way that's meaningful. Most of us, or at least on average. And then the second for me is like, what are we actually investing in? And for most young people, it's very heavy on the crypto and the meme stocks. And there was this bank of America study survey. They found that the average young person has 30% of their portfolio in crypto. That to me, is, that's not healthy. That's not a symbol or a signal that young people are doing well. That's a signal that they're getting a little desperate and they're yoloing into things where they might see perhaps a glimmer of outstanding returns. But the phrase young people are investing more than ever in the stock market. Like, it makes you think that we were set. And I feel like there are a lot of other indicators which we could get into, which I feel like are more symbolic of what's really going on. And that is we're not set.

[Kyla Scanlon]

No, I think that's true. And the economic indicator that I brought to the table is a bit similar where people talk about how much young people are sports betting. You know, 31% of 18 to 34 year olds have an account with sports betting. As you were talking about, 32% of them bet three or three or more times a week. 30% has bet more than 500 in a single day. But when you ask them if they want this, people say no. A Pew Research poll found that over 40% of people aged 18 to 29 think that legalized sports betting is bad. It's up sharply from 34% in 2022, by the way. That matters. That changed. And so I think that's another thing that ties into what you're saying is it seems like everybody wants to be betting. Everyone, even though it's not that many, it seems like a lot of people, but everybody wants to be betting. Everybody wants to be a part this, like, casino economy. But when we look at the data, that's just not true. Like, they are that. That ties into the first question pretty well, where people are doing this because of the aspirational displacement. They're doing this because they're trying to find some way out and because it's accessible. I think also prior generations might have tapped into this stuff a little bit, but I don't know. So I think that's. I think one of the most misunderstood things is that people don't want what's happening right now with elements of the casino economy.

[Ed Elson]

Yeah, that's a great point. It's like the same with any other addiction. Like, you know, you could be addicted to alcohol, you could be addicted to opiates. And then you can also probably think these things are terrible and I wish they had never entered into my life. I feel like the data that you're, you're producing there is like, that's exactly the story that it's, that it's telling. It's like we're addicted to this stuff. We know it's not good for us, but we keep doing it because that is the nature of addictions. Which again, is, is really concerning to me. Okay, we will be right back after a quick break.

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[Podcast Promoter/Host]

Some of this video coming out of Minneapolis is telling a story about the surge of ICE agents that started last week after Renee Goode was killed.

[Ed Elson]

Another controversial video has emerged of ice. It turns out the people being arrested were US Citizens.

[Kyla Scanlon]

These are observers making sure that kids can walk home from school without being.

[Ed Elson]

Taken apart by the horrible Gestapo that we have here. A group of men approached a woman at a bus stop, pulled her aside.

[Kyla Scanlon]

And then walked her into a vehicle.

[Podcast Promoter/Host]

The polling is also telling a story. Support for ICE is dropping and more Americans than ever before 46% told economist YouGov pollsters they want ICE abolished. Meanwhile, the messaging from the White House is that ICE has immunity. So what does that mean for the people, some of them citizens, that ICE agents are dragging out of cars and workplaces and off of streets around Minneapolis? That's on TODAY Explained. We air every weekday.

[Ed Elson]

Let's move on to our final question. This is from mattmc121. Matt says, Kyla and Ed, you're both great at connecting the dots of everything that's happening in the world in a nuanced and unique way. Thank you. That's very kind. With so much noise in today's media, how do you navigate through it? What is your process for for arriving at a point where you can give a new perspective? That's a great question. Kyla, what do you think?

[Kyla Scanlon]

Oh man, there's a lot going on. And so what I do every morning is I check all of the major outlets, so Bloomberg, Wall Street Journal, Financial Times to try and get a sense of what has happened overnight. And then I keep a running word doc, Google Doc throughout the week where I take notes on various themes that I think are popping up. So if I see a lot of research coming out about gambling or if I see a lot of articles written about gambling, I'll add that to my Google Doc. So I try to compartmentalize and create themes for all of the things that I'm seeing because then it's easier to connect the dots. Everything is connected in this sort of world. And so that's what I try to do is make sense of it through writing it all down. But that takes a tremendous amount of time. So what I try to do with arriving to a new perspective is say, okay, what did I learn this week? How can I help explain all this stuff that's happening? And then relay it to somebody who's just trying to understand, and they have three minutes every day to understand what's going on around them. So it's. There's a lot. There's a lot going on.

[Ed Elson]

I feel like the other thing that you nail, which probably helps with understanding things, is just like, how would I explain, as you say, how would I explain this in three minutes to someone who has zero context? And I feel like that's a really good way to understand the issues deeply. I mean, this is what people say, if you want to learn, teach, which I feel like is kind of what you do. And that's probably a really. I mean, I feel like people could take that in their own lives. For me, same as Kyla, I try to read everything, so read all the papers, try to understand both sides of the argument if possible. That is always going to be helpful. I think. Another point that I would say that I think has really helped me is the fact that my job is to say stuff. And it's not just to read stuff. It's like, I literally have to, by the nature of this job, I literally have to have a viewpoint, and I have to articulate that viewpoint out loud, which by its very nature forces me to be a smarter person. Like tomorrow, as an example, I'm gonna be on msnbc. I have no idea right now what we're gonna talk about. They'll tell me in the morning, and then by the time I appear on camera later in the day, I need to have an understanding of what we're gonna talk about. I need to have an opinion. I need to have a position. And I can guarantee you I'm going to have that because of the pressure I have to perform. I just will. Like, I don't know right now, but I know that I'm gonna figure it out tomorrow. So I feel like the learning there, I mean, most people don't have a job like this. Most people don't have a job like Kyla does. But I still think there's something you can take with you, and that is if you want to connect the dots and be smarter about what is happening in the world, you should just make yourself speak more. Like, you should say more things at work when you're in a meeting, you should just force yourself to. To say something, have an Opinion. You should have that pressure on yourself. Maybe at a cocktail party, like, okay, I usually don't have a thought, but, you know, I'm gonna just take the risk and, like, say it right now. You should do it online. Like, you should, like, post on LinkedIn. You should start a newsletter. Like, I feel like the more you hold yourself accountable to producing thoughts and ideas, which is really uncomfortable to do, but the more you force yourself to do it, I think it really helps you connect the dots and also develop your own perspective. That might be kind of like an aggressive way to get it home. But I do feel like that's been a real benefit for me of doing this podcast and doing this stuff. It's like, I don't have a choice. I have to have an opinion on stuff. I feel like you can do that too, in your daily life.

[Kyla Scanlon]

I think I'm just. I don't know if we need, like, more hot takes. I think we need more informed takes. And so I would agree. Yeah, yeah. I would agree that, like, people should read the data, read the research, and then they should post on LinkedIn. I don't think they need to be just. That's not what you said. You didn't say that they should just, like, post on LinkedIn with whatever they're thinking about. But I do think informed.

[Ed Elson]

Yes, but it is an important caveat.

[Kyla Scanlon]

I think it would do a great service to us as a capital S society if people were engaged a little bit more actively in how the news is impacting them. I think it's really important to not internalize it. You know, it can be very stressful. Part of the media environment right now is a little bit of the Flood the Zone strategy, where it is stressful by design. And so I think you kind of just have to know, okay, like, what do I want to learn? What do I want to have a new perspective on? And then go and seek that out. And so I don't know if you have to read everything all of the time, because that just might wear you down. But if you know sort of what you want to be knowledgeable about, is it Peptides, which is the new craze in Silicon Valley. Do you want to understand everything about that? You can go down that rabbit hole. So that's what I recommend, is read, stay informed and then know what you.

[Ed Elson]

Want to read and then speak.

[Kyla Scanlon]

Yeah, Crazy.

[Ed Elson]

And I'm trusting Matt Mc121 to not just spout off about shit that he has no idea about. I'm trusting you, sir, to understand the ideas, but I do think again, hold yourself to it. Okay. I've read stuff, I've looked at all the perspectives. Now it's my job to say something to someone. I think that's an important step that you shouldn't count out.

[Kyla Scanlon]

Yeah, you have to approach this with kindness and empathy. So like, one thing that I also do to sort of get rid of the noise is I talk to a lot of people. So I'm on the road quite a bit and I'm traveling and I'm talking to people who are real and like not on twitter.com and so I think that's also important is like to talk to real people and not to let your perspective totally consume you to where you're not allowing any other input. It's really a tricky ledge to walk. But you have to make sure, I think that you're, you're open. Not to be like too prescriptive, but I think you have to be open and you have to make sure you're approaching people with kindness because the world needs a little bit more of that.

[Ed Elson]

That is a wonderful place to end. Kyla Scanlon is an economic commentator, educator and founder of bread, a financial education platform reaching millions through storytelling and analysis. She's also the best selling author of in this Economy How Money and Markets Really Work. Kyla, this has been awesome. I hope Scott is gone again because we should do this again.

[Kyla Scanlon]

Yeah, thanks for having me.