Financially determined Britons more and more turning to playing ‘quick fix’
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inancially determined Britons are more and more turning to playing as a “quick fix” as wealth ranges fall to historic lows, a examine suggests.
The annual LifeSearch Health, Wealth and Happiness Index compiled by the Centre for Economics and Business Research (Cebr) fell 11% over the past 12 months to lows not seen for the reason that peak of the pandemic.
The wealth index fell to the bottom degree since 2013, with 52% of individuals feeling worse off than they did a 12 months in the past.
Almost one in three Britons (29%) have needed to raid their financial savings over the previous 12 months to cowl rising residing prices, one in 12 (8%) have needed to ask their households for cash and one in 10 (11%) have been compelled to tackle extra debt, a survey for the examine discovered.
The figures present a stark improve in playing on a 12 months in the past, when round a 3rd of individuals mentioned that they had gambled no less than as soon as over the previous 12 months, spending a median of £43 a month.
Almost 1.5 million folks (3%) this 12 months admitted that they had turned to playing as a “quick fix” resolution to their monetary issues, upping both the frequency or the quantity they gamble or each prior to now 12 months and spending a median of £268 extra every month.
Men are twice as prone to be playing extra now than they have been a 12 months in the past, whereas youthful individuals are additionally extra in danger and are already extra prone to gamble within the first place.
Under-35s usually tend to gamble within the first place, extra prone to have upped their behavior prior to now 12 months and spend greater than different age teams
Last 12 months, 46% of 18 to 34-year-olds mentioned they gambled – considerably larger than the UK common of 32%.
Additionally, one in 20 (5%) under-35s are playing extra in comparison with only one in 100 (1%) folks aged 55 and over.
Ministers are enterprise probably the most complete assessment of playing legal guidelines in 15 years to make sure they’re match for the digital age following an explosion in on-line betting and a string of high-profile instances the place prospects have suffered enormous losses or taken their very own lives.
Gambling firms are to be compelled to step up checks on punters “to better protect even those unable to afford small losses” below plans to sort out dependancy introduced in final month’s playing white paper.
Plans additionally embrace most stakes for on-line slot machines of between £2 and £15 for all prospects topic to session and a brand new statutory levy which can see playing firms required to fund extra groundbreaking analysis, training and therapy.
Emma Walker, chief development officer at LifeSearch, mentioned: “Many people have had to adjust their spending to cope with the soaring cost of living, with 29% forced to use their savings while others feel they have cut back so much that they have run out of options, which is perhaps why – in desperation – many are turning to gambling to find a ‘quick fix’, made so much easier by the multitude of online gambling options now available.
“Our research shows that men and younger people are most at risk. Under-35s are more likely to gamble in the first place, more likely to have upped their habit in the past year and spend more than other age groups.
“This is a very worrying trend because, while gambling may be seen as a magic solution, it is much more likely to make a financial situation worse, and with easy access to bets and other gambling via mobile phone apps, it can easily spiral out of control.
“And while there is no quick fix, when finances are uncertain, it is important for people to look at protecting themselves and their families financially – putting the right insurances in place can give peace of mind from any future financial shocks that may impact their income.”
A Government spokesperson mentioned: “Millions of people gamble safely. However, there are too many cases of addiction and catastrophic financial loss.
“That’s why we’re committed to protecting those at risk of gambling harm by taking forward new measures outlined in our Gambling White Paper last month.
“This includes player protection checks, a levy on gambling operators to pay for treatment, education and research and online slot stake limits to prevent runaway losses.”
Opinium surveyed 3,006 UK adults between April 4-10.