People Would Rather Bet Their Retirement on a Lottery Ticket Than Save, Says Stash CEO

People would rather bet their retirement savings on a lottery ticket than actually save up for their future, Brandon Krieg, the CEO of financial education company Stash Financial Inc., formerly known as Collective Returns Inc., said Monday at a fintech conference held in Tel Aviv by Calcalist, Bank Leumi’s tech banking arm LeumiTech, and accounting firm KPMG.

According to Krieg, even bankers can be clueless as to what to do with their money. Krieg was interviewed on stage by Avi Eyal, the managing partner of Israel-headquartered venture capital firm Entrée Capital.

Founded in 2015, Stash has raised more than $160 million to date and currently serves 3.5 million users in the U.S. alone, Eyal said. Stash provides investing, banking and retirement services in a mobile app, and is looking to expand to credit, Krieg said.