Why gambling isn’t the answer to the cost of living crisis
11 November 2022
With household budgets having to stretch further every week, it can be tempting to believe gambling could provide the money you need to pay your bills and other expenses. Here’s why gambling won’t help – and where to find support if you’ve got money issues.
The cost of living is rising – and gambling’s not the answer
In families on lower incomes, women often manage the household budget[i]. And for many of us, it’s getting tougher every week to find the money for food, bills, housing costs and more. When money’s tight, it can be easy to look for other sources of income to help.
So perhaps it’s no surprise that more women are gambling online these days[ii], especially with so many gambling options available 24/7 via our phones. But gambling brings risks. In fact, one in five women who gamble are already experiencing problems such as stress and anxiety due to gambling[iii].
Gambling companies are designed to make money, not give it away
If you gamble, over time you’ll give the gambling company more money than they give you (gambling companies made over £12.7 billion in Great Britain last year[iv]). Trying to win back money you’ve lost generally leads to bigger losses. So if you’re already feeling the pinch, gambling will almost certainly make things worse.
But if you’re wondering where the money to pay your bills is going to come from this month, MoneyHelper is here with a range of expert advice and specialist tools.
Money advice to help you feel back in control
Talking can help
There is an increase in women experiencing problems or harm caused by gambling. However, many people who gamble find it difficult to talk about.
It can be particularly hard for women, as gambling is still often seen as more acceptable for men. But if you’re concerned about your own gambling, or that of someone you love, having a conversation is often the first step towards getting help.
If you’re worried that your gambling might be causing you problems, don’t keep your worries to yourself – talk to a trusted friend or family member.