Gambling During a Cost-of-Living Crisis
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:
- Don’t chase losses or wins
- Create and stick to a budget
- Learn how to control gambling urges
- Ban yourself from gambling in venues
- Only gamble what you can afford to lose
- Fill spare time with a second job or side hustle
- Explore gambling block options with your bank
- Ban yourself from online gambling with BetStop
- Prioritise essential purchases and bills before gambling
- Remember gambling is never a reliable source of profit.
Gambling Help is available
Are you gambling and having trouble controlling your finances?
Our Gambling Help counsellors are available 24/7 at 1800 858 858. We can also book you in for free face-to-face gambling counselling.
You can also find tips on how to stop gambling and save money here.