Experts state that individuals with low social and economic status spend more money on games of chance all over the world, while the middle and lower-middle classes, in accordance with their class status, tend towards areas such as the stock market, crypto, and leveraged forex markets rather than games of chance. Prof. Dr. Barış Erdoğan emphasizes that this group, which invests money by seeing the stock market as a game, believes in factors such as fate and luck, and notes that they constantly follow the stock market screen to escape daily tensions and indulge in dreams, and that this situation can eventually become pathological like other addictions. Prof. Dr. Barış Erdoğan recommends that the stock market should be considered not as a game, but as a medium to long-term investment area for both individual and social health.
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Experts warn! Constantly checking stock market screens can lead to addiction
The stock market should be considered an investment area, not a game…
Prof. Dr. Barış Erdoğan, Head of the Department of Sociology at Üsküdar Üniversitesi Faculty of Humanities and Social Sciences, made important evaluations and shared his recommendations regarding the perspectives of the middle and lower-middle classes on games of chance and the stock market.
As economic status declines, the inclination towards games of chance increases
Prof. Dr. Barış Erdoğan emphasized that it is observed all over the world that individuals with low social and economic status invest more money in risky ventures and spend more money on games of chance. “Especially during periods of economic crises, this behavior becomes even more widespread. For example, while US households spend approximately $162 per year on lottery tickets, low-income households spend about $289. Individuals whose income level falls below $10,000 per year make $597 in lottery expenditures annually,” he said.
Middle and lower-middle classes turn to the stock market
Prof. Dr. Barış Erdoğan stated that the middle and lower-middle classes, in line with their class status, tend towards areas such as the stock market, crypto, and leveraged forex markets rather than games of chance. “But these players act in these financial areas as if they were playing a game of chance. However, stock markets are an investment place. Yet, among the public, the expression ‘playing the stock market’ is generally used. This discourse is not a coincidence; it is the clear expression of reality,” he said.
They believe in fate and luck
Prof. Dr. Barış Erdoğan pointed out that the middle and lower-middle classes, who invest their money in stocks and see it as a game, act under the influence of fate, luck, magic, or peer groups, rather than financial literacy. “The correspondence on stock market investor platforms clearly shows how the middle and lower-middle classes establish a relationship with the stock market and investments. This group, relying on stocks one day and crypto the next to reverse their frustrations stemming from social structures and their disadvantaged positions, establishes an emotional bond with investment tools. When we look at the correspondence on the platforms, we often encounter those who comment ‘go my boy, go my girl’ seeing these investment instruments sometimes like a racehorse, those who hope for help by feeling ‘at least make us smile today’, or those who curse the stock,” he said.
They see the stock market as a game of chance
Prof. Dr. Barış Erdoğan said that this group, which sees the stock market as a game of chance and mostly enters after stocks reach a certain level, hopes that prices will always rise, and continued his words as follows:
“Just like in other gambling games, the stock market player constantly dreams of quickly rectifying their dissatisfaction with their social status and their disadvantaged position. Excessive optimistic dreams formed when the market rises turn into disaster scenarios when it falls. Since all hopes and risks are tied to a portfolio created with years of hard-earned savings or borrowed money, the player feels the need to restlessly check the stock market situation dozens of times during the day. However, even Warren Buffett, one of the world's largest stock market investors, doesn't have a computer in his office. Conscious value investors make long-term investments by reading financial reports and following global macroeconomic developments, and most of the time, they are the winners.”
Stock market monitoring can become a pathological problem
Prof. Dr. Barış Erdoğan stated that the middle and lower-middle classes who enter the stock market, just like newcomers to a casino, initially win and start buying stocks when the market has risen above a certain level. “But the market reaches a point, and a decline begins. The player starts constantly monitoring the stock market screen from their phone or computer to escape daily tensions, indulge in hope and dreams, and vent their anger. This process can, after a while, become a pathological problem, just like other addictions,” he warned.
The stock market should be seen as an investment area, not a game
Prof. Dr. Barış Erdoğan stated that concentrating on the stock market can also push primary work and family into the background over time. “Turkish stock markets close at 6 PM, but American stock markets are open until midnight. Asian markets and crypto exchanges are already open 24/7. Thus, the investment world can steal all your time and sleep. Those who are not psychologically and socially ready for such an environment, especially the middle and lower-middle classes, suffer personally from this, and also run the risk of neglecting their relationships with work, family, and social circles. In other words, their chances of suffering both material and moral damage are very high. Therefore, seeing the stock market not as a daily game but as a medium to long-term investment area is necessary and important for both our individual and social health,” he said.