Gambling being used to manage personal finances

Research carried out for Moneybasics shows that nearly one in 10 adults in the UK has used gambling as a way to manage their finances and make extra money.

Commenting on the BBC over the weekend Credit Action Director, Chris Tapp, noted that many people were driven to gamble out of the need to pay for essentials and in desperation at not knowing where else to turn.

Indeed the trend of more people using gambling to get through tough times for their finances is being seen by gambling support groups as well.

Ian Semel from Breakeven, a gambling counselling service, says his group has seen first-hand evidence of it. “People come to see us with the irrational thought pattern that gambling is a good way of getting money,” he says. “In reality it’s a good way of increasing your debt.

Further results of the Moneybasics ‘Financial Fitness’ research will be released later this week.

source: Craditaction.org