India’s Gen Z is a mystery for any economist. They make less money in real inflation-adjusted terms than the previous generation, the millennials, but they spend much more on consumption and experiences than any other generation did. While their parents saved to build assets, Gen Z has very little savings. In fact, they often have huge amounts of debt—credit card payments that they have rolled over, or personal loans they have taken—without a concrete plan on how to pay them back. The reason for this can be encapsulated in one term: Financial Nihilism. In a brand-new episode of 'Caught in the Middle', senior business journalist Aunindyo Chakravarty explains why Gen Zs don't believe in conventional financial wisdom, instead choosing to learn everything about investments from Instagram influencers. Watch the video to know more. Learn more about your ad choices. Visit megaphone.fm/adchoices