Overall, these protesting youth claim real science.
(Photo: Getty Images)
The overheated stock exchange of the past year, in which actually worthless shares were pushed up by cheap brokers, some of which were very young investors, has confirmed a prejudice: young people often act with more emotion than reason. This also fits in with the concern recently expressed by the European financial regulator ESMA that inexperienced stockbrokers could underestimate the risks of investing in shares.
But a closer look shows that prejudices against an allegedly unreasonable youth are anything but justified. In many areas, younger people act more rationally than older people. This is no coincidence: In a world that is changing ever faster, old experiences are quickly devalued, and new experiences make the younger ones faster and more intense.
Anyone who talks to young people about investing will often hear the abbreviation “ETF”. The stands for “exchange-traded funds” and thus for a very pragmatic, inexpensive form of investment. A survey by DIW Econ on behalf of the broker Trade Republic confirms: ETFs are very popular with young investors, but highly speculative derivatives are not.
The image of a relatively rational youth is also confirmed in other areas. Older voices set the tone for the lateral non-thinkers. Professors who are getting on in years, such as the economist Stefan Homburg, are the first to come to mind when asked who spreads the most dangerous untruths.
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On the other hand, many high school graduates whose spirit of optimism has been dampened by lockdowns or who have to struggle through the first semester alone with their computer endure their fate surprisingly uncomplaining, even though the protective measures to which they are subject benefit the older generation disproportionately. Even children bravely wear their masks without complaining.
Being overwhelmed creates irrational behavior
In politics, the same finding: In Great Britain, it was the older generation that wanted Brexit. Young people feel much more at home all over Europe.
Fridays for Future is a sensible movement in terms of purpose. From time to time there are also ideologically shaped, anti-capitalist failures. But overall, these protesting youth appeal to genuine science and not to pseudo-scientific Marxism like many of their ancestors, some of whom are in office today.
Of course, it is always problematic to ascribe certain characteristics to entire generations. Even today there are young people who cling to yesterday’s ideas, which include Marxism.
But overall, especially in the Corona pandemic, too little appreciation has been given to how much the outdated idea that old age is associated with wisdom and youth with unreasonableness has become obsolete – in fact, for long stretches it has turned into the opposite.
This reversal is no coincidence: in traditional societies, the old had a lot of experience ahead of the young. Today, on the other hand, the elderly have to be careful not to fall behind.
Being overwhelmed by new developments creates insecurity and irrational behavior. Anyone who learned how to use a slide rule at school is at a disadvantage compared to people for whom the Internet is as natural as the air we breathe – who are also aware of the dangers of this virtual sphere. Today the old learn from the young. Anyone who doesn’t understand this ends up being sidelined.
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