Scott Bessent on financial literacy: ‘it drives me crazy’ to see young men in blue-collar construction jobs playing the lottery |
Scott Bessent on financial literacy: ‘it drives me crazy’ to see young men in blue-collar construction jobs playing the lottery
Treasury Secretary Scott Bessent winces at the allure of easy money — whether it’s lottery tickets, buy now, pay later loans or the promise of a crypto windfall — warning that the get-rich-quick mindset often leads Americans farther from financial stability, not closer to it.
“There are a lot of young people, mostly young men, going to blue-collar construction jobs, playing the lottery. It drives me crazy,” Bessent said in an interview.
”The best thing you can do is not play the lottery,” he said — rather, people should invest and “then watch it grow.”
Bessent spoke to The Associated Press about the basics of building a workable budget and saving for the future at the tail end of Financial Literacy Month, an initiative the billionaire hedge fund manager has made a priority since joining President Donald Trump’s administration, driven by a childhood marred by poverty.
Former Treasury Secretaries Hank Paulson and Tim Geithner were known for helping navigate the U.S. out of the global financial crisis. Steven Mnuchin made his mark designing and promoting the Tax Cuts and Jobs Act of 2017, and Janet Yellen was the only person to also head the Federal Reserve and the Council of Economic Advisers. But Bessent’s passion for meeting with community bankers, retirees and schoolchildren to talk about how to budget, save and manage debt is what he hopes, in part, defines his legacy.
His push to promote financial literacy comes as Americans grapple with the cost of housing, groceries, energy and everyday items and are skeptical about the Republican administration’s performance on the issue. The latest AP-NORC poll data shows Trump’s approval rating on the economy dropped from 38% in March to 30% in April.
The nation is enmeshed in record levels of debt, which surpassed $39 trillion in March, and critics wonder how Bessent can persuade Americans to save for their futures when the government itself is drowning in debt.
“The Trump........