Gambling During a Cost-of-Living Crisis

10 Sep 2024

As the pressure and uncertainty about finances weigh down on people, we see an increase in harmful gambling behaviours.

In this article, we’ll discuss the relationship between gambling and rising costs of living, safer gambling strategies, and how you can save money during a cost-of-living crisis.

Financial stress and gambling

When you start feeling financial stress, you may be tempted to turn to gambling – whether it’s to try and make money, to blow off steam, or to “escape.”

Engaging in unsafe gambling is likely to dig the hole even deeper, as we know the

Ask yourself - why do you gamble? A healthy relationship with gambling involves gambling for fun and enjoyment. But gambling as a means of income isn’t reliable, and can be extremely unsafe.

Risks of gambling during a cost-of-living crisis

Gambling losses are soaring amidst Australia’s cost-of-living crisis.

“Desperate people often turn to desperate measures and some people unfortunately think they have an opportunity to win something,”
-Associate Professor Charles Livingstone, Monash University

What are the dangers of harmful gambling as inflation keeps rising?

Increased debt
Late or missing bills
Having to skip meals
Inflaming stress instead of relieving it
Losing more money than you can afford to
Increasing tension in families and relationships
Eating into money that’s meant for your family
Not having money set aside in case of emergency
Relying on borrowing money from friends or family
Greater mental health challenges, like anxiety and depression
Electricity or phone being cut off due to missing payments
Losing your home due to missed rent or mortgage payments.

Saving money during a cost-of-living crisis

With the skyrocketing cost of living, it can be hard to keep your head above water. Being proactive about saving money is the best way to keep your finances afloat.

Here are tips to save money and practise safer gambling or stop gambling: