US Treasury’s boss says young Americans shouldn't be playing the lottery

US Treasury Secretary Scott Bessent has spoken to the Associated Press, a media outlet, issuing a warning against the culture of easy money that has taken root among young Americans.

Bessent, one of President Donald Trump’s most steadfast second-term allies and a key enforcer of controversial tariffs against trade partners and allies, has stepped away from policy discussions to focus on an issue that cuts across the political divide: young Americans and gambling. He urged young people to refrain from gambling, whether it is playing the lottery or something else. His remarks echo recent concerns raised by Berkshire Hathaway President Warren Buffett, considered a living legend in contemporary finance, who also questioned the wisdom of placing trades on sports events or engaging in day trading. Both men represent the old guard of financiers, who follow conventional wisdom that emphasizes financial literacy based on debt management, budgeting, and saving. Bessent did not hold back in his criticism of lottery players, saying: The best thing you can do is not play the lottery. Then watch it grow, arguing that money spent on tickets would be better invested for long-term, compounding gains.

Bessent has championed financial literacy as part of his tenure as the Treasury’s boss, but he is also facing some pushback amid rising costs of living. Experts argue that while budgeting and investing are reasonable approaches, actually being able to do so requires enough disposable income. Many households are struggling to pay their mortgages, food, and other essentials, leaving them cash-strapped and unable to invest. bBessent did not speak against prediction markets, a vertical that has rapidly captured the interest of young Americans and has been beset by controversies, including the arrest of a US soldier, who allegedly used insider information to make trades on Polymarket and win hundreds of thousands of dollars.