Üsküdar University Faculty of Humanities and Social Sciences, Head of Sociology Department Prof. Dr. Barış Erdoğan made important evaluations and shared his recommendations about the perspectives of the middle and lower middle classes on games of chance and the stock market.
“As the economic level decreases, the tendency to games of chance increases”
Emphasizing that individuals with low social and economic levels all over the world invest more money in risky businesses and spend more money on games of chance, Prof. Dr. Barış Erdoğan said, “Especially in times of economic crisis, this behavior becomes more common. For example, US households spend about $162 per year on lottery tickets, while low-income households spend about $289. Individuals whose income level falls below 10 thousand dollars a year spend 597 dollars on gambling.” said.
Middle and lower middle classes turn to the stock market
Expressing that the middle and lower middle classes tend to focus on areas such as stock market, coins and leveraged forex markets instead of games of chance, in accordance with their class positions, Prof. Dr. Barış Erdoğan said, “But these players act in these financial areas as if they are playing a game of chance. The stock market is an investment place. However, the expression of playing in the stock market is generally used in the mouth of the people. This discourse is not a coincidence, it is an open expression of the truth.” he said.
“They believe in fate and chance”
Pointing out that the middle and middle lower classes, who invest their money in the stock market and see it as a game, act under the influence of fate, luck, magic or peer groups instead of financial literacy knowledge. Dr. Barış Erdoğan said, “The correspondence on the stock market investor platforms clearly shows how the middle and lower middle classes relate to the stock market and investment. This group, which relies on stocks one day and coins another day in order to reverse their disappointments and disadvantageous positions stemming from the social structure, almost establishes an emotional bond with investment instruments. When we look at the correspondence on the platforms, it is very common to see those who sometimes see these investment instruments as a race horse and write comments like 'walk, my son, my daughter', those who hope for help who feel like 'today at least make us laugh', or those who swear at the stock.” said.
“They see the stock market as a game of chance”
prof. Dr. Barış Erdoğan said that this audience, who sees the stock market as a game of chance and enters the stock market mostly after the papers reach a certain level, hopes that the prices will always increase and continued his words as follows:
“Just like in other gambling games, the stockbroker constantly dreams of being dissatisfied with his social status, and that he can quickly correct his disadvantaged position. Overly optimistic dreams when the stock market is rising turn into disaster scenarios when it is falling. Since all hopes and risks are attached to the portfolio created with years of accumulation or borrowed money, the player needs to uneasily check the situation in the stock market dozens of times during the day. However, Warren Buffet, one of the world's largest stock market investors, does not even have a computer in his study. Conscious value investors make long-term investments by reading financial reports, following macro developments in the world, and they often win.”
Stating that the middle and lower middle classes entering the stock market, just like the new ones entering the casino, they won at first and started to buy paper when the stock market rose above a certain level. Dr. Barış Erdoğan said, “But the stock market comes to a point and the decline begins. The player starts to follow the stock market screen from his phone on his computer to escape from the tensions of the day, hope, dream and vomit his anger. This process can become a pathological problem like other addictions after a while.” warned.
The stock market should be seen as an investment, not a game.
Expressing that concentrating the concentration on the stock market, the main jobs and the family can be pushed into the background in time, Prof. Dr. Barış Erdoğan said, “Turkish stock markets close at 18 pm, but American stock markets are open until midnight. Asian markets, coin exchanges are already open 7/24. So the world of investment can steal all your time and sleep. Those who are not psychologically and socially prepared for such an environment, especially the middle and lower middle classes, both suffer personally and risk neglecting their relationships with their work, family and social circles. That is, the probability of suffering both material and moral damage is very high. Therefore, seeing the stock market as a medium and long-term investment area, not a daily game, is necessary and important for both our individual and social health.” said.