A new countrywide report by Lowell, a credit management company, has revealed that 46% of young gamblers in the UK have used credit to finance their gambling activity. Researchers worked with a representative sample of 1,000 respondents residing in the UK to find out more about their gambling habits and how they impact their financial health.
The percentage of young gamblers, aged 25-34 years, resorting to credit to cover their gambling expenses is 2.2 times higher than the percentage of UK citizens of average age (22%). The study also noted that the increased use of borrowed funds happened in the background of an increased volume of searches for gambling apps on Google Pay (18%) and Apple’s App Store (10%) over the past year.
While respondents were more likely to use their own credit, many acted in a way that could impact loved ones and their financial well-being. Some 18% of 25-34-year-old respondents said they borrowed funds from relatives and loved ones without their awareness. Furthermore, 17% resorted to a joint credit card to cover gambling-related losses.
The gambling activity of more than one-third of 25-34-year-old respondents resulted in the necessity to borrow funds to cover essential household expenses. Some 13% have missed paying priority bills.
As a direct consequence of credit card withdrawals and missed payments, the credit score of 13% of young gamblers was badly affected. This is 3.3 higher than the national average of 4%.
The Worrying Trend of Young People Gambling on Credit Must Be Addressed
John Pears, UK Managing Director at Lowell, commented on the findings of the new study, highlighting the need to address the worrying trend of young people gambling on credit. “Whether it’s gambling for a perceived ‘quick win’ to help to pay the bills or taking out new credit facilities to help with them, this can lead to vulnerabilities for people’s financial health and put them and their families at risk of further debt.”
Another concerning trend among UK residents is that 39% are not aware of the tools and resources they may use to seek professional help for their gambling and take control of their financial situation.
On its official webpage, Lowell Financial Ltd has published a detailed guide, providing help for those struggling with gambling debt. The credit management company identifies some red flags, which signal that a person’s gambling may be getting out of control. These include lying to loved ones about gambling, using borrowed funds from loved ones to cover gambling expenses, wagering more money to make up for losses, as well as missing priority payments. Lowell provides further information on the entities that may be contacted to improve one’s overall financial situation and well-being including an NHS GP, GamCare, Mind, and StepChange. The latter is a free expert debt advice charity.
- Author
Daniel Williams
