The annual LifeSearch Health, Wealth and Happiness Index finds that a large number of financially strapped U.K. residents see gambling as a solution, or as the report termed it, a “quick fix,” according to a report by the Independent.
The report was put together by the Centre for Economics and Business Research (CEBR), which highlighted the fact that the index fell 11 percent last year to depths not seen since the worst of the Covid-19 lockdowns.
The study also found that the wealth index declined to its worst since 2013, with 52 percent saying they were worse off than this time last year.
However, a statistic that pushes against this narrative was in a study released by the NHS (National Health Service) that shows that the problem gambling rate has declined to 0.4 percent, from 0.5 percent reported in 2018. The survey was done by the Office for National Statistics (ONS), surveying about 3,700 people.
At the same time nearly 1.5 million residents indicate that financial problems coincide with problem gambling. They either gambled more often, or risked more on gambling, spending an average of £268 more per month than before. Men are more than twice as likely to gamble more, compared to last year. Youths are even more likely to gamble. In 2022, 46 percent of those 18 to 34 said they gamble, compared to 32 percent last year.
Nearly a third of Britons have had to dip into their savings to cover inflated prices while one in 10 felt compelled to go more into debt.
In addition, 5 percent of that age group are gambling more, compared to 1 percent of seniors.
The U.K. has begun the most ambitious overhaul of its gambling laws since 2005, with the goal of bringing the industry into the digital age. It is focusing primarily on online gambling.
Among the white paper recommendations are to require that gambling providers do more background checks on their patrons “to better protect even those unable to afford small losses.”
It also recommends imposing a maximum stakes for online slots of £2 and £15. Recently a government spokesman was quoted as saying “Millions of people gamble safely. However, there are too many cases of addiction and catastrophic financial loss.” The spokesman added, “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.”
LifeSearch’s Chief Growth Officer Emma Walker, told the Independent: “Many people have had to adjust their spending to cope with the soaring cost of living, with 29 percent 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.”
She added, “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.”
