A recent study has revealed that British residents facing financial difficulties seem to be increasingly turning to gambling in an effort to find a quick solution to their problems, as wealth levels fall to their lowest rates ever.
According to reports, the LifeSearch Health, Wealth and Happiness Index that is compiled every year by CEBR (Centre for Economics and Business Research) suffered an 11% decline in the last 12 months alone, to lows that have not been observed since the height of the Covid-19 pandemic.
This time, the wealth index reached its lowest level since 2013, with more than half of British people (52%) sharing that their quality of life was worse now than a year ago. A survey that was held for the study’s purposes revealed that about 29% of local residents (or almost one in three Brits) have been forced to reach out to their savings over the past year in order to cover their living costs, 11% (or one in 10 Brits) have been forced to take on more debt, while 8% (or one in 12 Brits) have had to ask their families for money, to cover their living costs.
The figures unveiled by the survey have shown a considerable increase in gambling participation rates in comparison to the gambling participation rates a year ago, when approximately one-third of polled Brits confirmed they had gambled at least once over the past year, with an average monthly spending of £43 registered.
Younger Brits More Prone to Spending More Time and Money on Gambling
The report has revealed that in 2023, almost 1.5 million people, who represent about 3% of the country’s population of the UK, shared that they had turned to gambling in an effort to find a “quick fix” to their ongoing financial difficulties. They have either boosted the amount or the frequency of gambling, or both, in the past 12 months, with an average of £268 being spent on a monthly basis.
The study showed that male gamblers are twice as likely to be increasing their gambling frequency or amount than they were a year ago. On the other hand, younger people are considered to be more at risk of being affected by gambling in a negative way and are already more likely to participate in gambling activities in the first place. Also, individuals under the age of 35 are more likely to take part in gambling, not to mention they are more likely to have intensified their habit over the past year and spend larger amounts on gambling in comparison to other age groups.
In 2022, 46% of individuals between 18 and 34 years of age said they gambled, with their number being significantly larger than the UK average of 32%. In addition, about 5% of individuals under 35 (or one in 20) are currently gambling more than about 1% of the individuals aged 55 and over (or one in 100).
UK Government Trying to Protect Local Gamblers by Gambling Laws Overhaul
Lately, British lawmakers have been involved in the most comprehensive review of the country’s gambling laws in about a decade and a half as part of the Government’s effort to make sure the UK gambling legislation is fit for the digital age and latest developments in the sector, especially after the rapid expansion of online gambling over the last few years.
As Casino Guardian already reported, gambling operators across the UK are set to be forced to enhance their checks on consumers in order to better protect people who are unable to afford even small losses. As part of its White Paper on gambling that was officially published at the end of April, the Government has unveiled plans to tackle problem gambling rates in the country.
Although millions of people are gambling safely and responsibly, local lawmakers are willing to make sure British residents are protected in the best possible way against gambling-related harm. Some of the plans unveiled by the Government that are currently subject to consultation involve limiting the maximum stakes for online slot machines to between £2 and £15, as well as the implementation of a new statutory levy that would force gambling companies to contribute more money for research, education, prevention and treatment of gambling addiction and gambling-related harm.
- Author
Daniel Williams
