Gen Z and Millennials use AI and gambling to manage debt

A survey conducted by National Debt Relief and Wakefield Research among 2,000 US adults reveals that Gen Z and Millennials are increasingly using artificial intelligence and gambling as methods to manage significant debt.

Among those with unsecured debt, 38% of Millennials and 27% of Gen Zers owe $7,500 or more across credit cards, medical bills, and personal loans. The study found a generational shift in coping mechanisms: 65% of Gen Z and 49% of Millennials who gamble regularly report betting specifically to eliminate debt, a much higher rate than Gen X (39%) or Boomers (19%). Activities cited include sports betting, prediction markets like Polymarket and Kalshi, and day trading.

Additionally, younger generations are turning to AI for financial guidance. Approximately 69% of Millennials and 64% of Gen Z report using AI for money advice during financial struggles, compared to 45% of Gen X and 23% of Boomers. Respondents noted that AI provides “judgement-free advice” and is more approachable than humans, with many stating they feel more comfortable discussing financial issues with computers than with friends or family.