Yahoo Finance ‘Desperate’ thing 3.6 million Aussies are doing as costs soar
One in five Aussies have increased gambling over the past year.
Cash-strapped Aussies are turning to gambling as a quick fix as household expenses and the cost of living spiral.
Almost one in five Aussies (18 per cent) - or 3.6 million - increased their gambling habit over the past 12 months, according to a new survey by Finder.
Of those, 3 per cent said they were trying to win money because they had fallen behind on their bills, while another 3 per cent hoped to pay off their debts.
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Finder money expert Alison Banney said Aussies were turning to desperate measures just to make ends meet.
“Many feel like they have cut back on spending so much that they have run out of options. When you’re feeling financially stretched, you can turn to some risky ‘solutions’, like gambling,” Banney said.
“It’s much easier these days to part with your money via the multitude of gambling options now available, both online and in person.
“Many know that the odds of winning are extremely slim, but those who feel backed into a corner with their finances aren’t always thinking logically – they’re desperate and looking for any possible help going forward.”
About 4 per cent of the 1,110 people surveyed said they were gambling more because it was easier to do than before, while 8 per cent said they were taking a punt due to boredom.
With easy access to betting and gambling through mobile phone apps, Banney said it could be easy for Aussies to “spiral out of control” and for it to lead to major financial losses.
“Gambling is not the answer if you are unable to pay your bills – it’s quite the opposite,” she said.
“Even if you have a ‘big win’, you’re likely to feed those winnings back in again as you chase another one.”
Banney urged Aussies to keep any money they had in their own pocket instead, and try to build up an emergency fund to help cover any unexpected costs.
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