Published on: May 5, 2026, at 12:10 PM.
Updated on: May 5, 2026, at 12:10 PM.
- Treasury Secretary Scott Bessent advises that middle-class Americans avoid playing the lottery
- Bessent encourages people to reconsider their “get-rich-quick” attitudes
United States Treasury Secretary Scott Bessent is urging Americans to make prudent financial choices, which for many should exclude participating in the lottery.
Bessent built his impressive wealth, estimated by Forbes to exceed $500 million, as an influential hedge fund manager and currency expert. Notably, he played a key role in George Soros’ “Black Wednesday” short position in 1992 against the British pound, a move that reaped over $1 billion for the firm.
According to Bessent, wise investments rather than gambling temptations are in the best interest of consumers for their financial future.
“It frustrates me to see many young individuals, especially young men in blue-collar jobs, playing the lottery,” Bessent remarked during an interview with the Associated Press.
“Avoid playing the lottery. Investing in long-term assets, such as mutual funds, will allow your wealth to grow over time,” Bessent emphasized.
Promoting Financial Education Month
His statements to the AP aligned with the end of April, designated by President Donald Trump’s administration as National Financial Literacy Month. With many Americans grappling with economic challenges like persistent inflation and increased fuel costs linked to the recent Iran conflict, Bessent urged the public to discard the get-rich-quick mentality exacerbated by trends in cryptocurrency and day trading.
“Based on my experiences as an economic historian and now as the 79th Secretary of the Treasury, I firmly believe that financial literacy is vital to achieving the American Dream. Grasping how to make smart financial choices creates opportunities for every individual and their families,” Bessent noted in a message celebrating National Financial Literacy Month.
Critics of Trump argue that prices for various goods have not decreased as he promised during the 2024 campaign. Nevertheless, since taking office as the 47th president on January 20, 2025, the Dow Jones Industrial Average has increased by 12%, the Nasdaq has shot up by 29%, and the S&P 500 has climbed by 21%.
Insights on Prediction Markets
Throughout Trump’s tenure, the Commodity Futures Trading Commission has sought to enable prediction markets to facilitate trading regarding political events and sports outcomes. Critics, including Warren Buffett, assert that these practices resemble gambling rather than genuine investing.
Donald Trump Jr. supports prediction markets and serves as an advisor to both Kalshi and Polymarket. Last fall, Truth Social, the social media platform operated by Trump’s family business, announced plans to launch a prediction market named Truth Predict.
However, Trump recently expressed dissatisfaction with these developments, as conveyed to a reporter who inquired about the Department of Justice’s charges against a military member allegedly using confidential information to earn $400,000 on a prediction market.