It is fine sharing your knowledge but never decide for their sake ‘coz if anything happens, you’d be the one to blame. This is an undending topic; needs va wants. Ofcourse it would be better to invest but problem is that we have different perspectives of how we would spend our money. Some are really prioritizing their wants such as new phones but that’s how their hardwork would be relieved; allow them. Simply give them an insight or an alternative way to spend their money and let them do it. Same thing with increasing the amount of their investment ‘coz they might be unconsciouly crossing their line of risk tolerance. No matter how huge the potential of an asset is, always anticipate the qorse output to prepare yourself once it happen. Encouraging means exposing them as well so better know what you are trying to push him through with.
Not many people want to save some part of their income, even fewer want to think about investing them somewhere, because for this they need to study and analyze something, it seems complicated and unnecessary to them.
It is not that many people don't want to save. It is that their wages is just enough for their needs other even can't afford a 3x a day meal. Most of the people I interact with wish they can have extra money to save. But due to lack of it, they failed to do what they wanted.
Of course, it’s easier to buy a smartphone of the latest model and scroll through the news feed, it doesn’t require any mental activity, so all lazy people will choose this.
If you have money yes, but if you do not have, then it is impossible. I don't believe people who are able to buy expensive stuff are lazy. Lazy people don't produce any wealth because they are fond of being idle.
I very much doubt that such people need your advice, they just want no one to bother them, and there is nothing wrong with that, everyone lives as they feel comfortable.
Who knows, sometimes people are need to be reminded that there iss something they can do to elevate their financial status just like what @OP is trying to tell his friend.