Daniel Williams

Many Aussies Spend More Money on Gambling in Pursuit of Quick Fix for Their Financial Troubles, New Research Says

New research has unveiled that financially struggling Australians are now turning to gambling looking for a quick fix for their disadvantages, while their expenses, unfortunately, spiral out of control.

A Finder survey held among 1,110 respondents revealed that about 18% of Australian residents (or one in five Aussies) have boosted their spending on gambling over the past year. That basically means that 3.6 million local people have increased their spending on various forms of gambling available in the country.

According to the research, 3% of Australian people are trying to win money because they are trying to cover some bills they have fallen behind on. Another 3% were found to be spending more on gambling in an effort to pay off debts. The survey also found that millennials (about 29%) are two times more likely to be spending more money on gambling than Gen X (12%).

One of Finder’s money experts, Alison Banney, noted that Australian residents seem to be getting more and more desperate to find quick and easy ways to win some money. Ms Banney explained that many local households need financial relief, as rising household bills mean many individuals were finding it hard to cope with increasing living costs.

Soaring Inflation and Increased Living Costs Add Up to Australian’s Financial Problems

Finder analysts have shared that many Aussies feel like they have tackled their spending so much that they have simply run out of options, so they were forced to turn to some risky “solutions” to cope with their financial difficulties.

It seems that many local residents believe that it was much easier to spend more on gambling, both in person and online, in pursuit of potential winnings that could eventually help them find a solution to their financial issues. Of course, many are aware of the fact that the odds of winning are extremely small, but people who feel pressed to quickly solve their financial struggles often do not think logically because they are desperate.

Ms Banney, however, noted that people should be warned gambling is not the right solution to financial problems. What is worse, engaging further with gambling is likely to bring further struggles, especially when players are gambling more and more, waiting for the “big win”.

It is worth saying that half of the respondents said they have never gambled, and another 20% said they were gambling less than they have in the past 12 months. A further 14% answered they were pretty much gambling the same amount as they used to.

The survey found that about 4% of Australian residents are gambling more than they used to a year earlier because it is simply easier to do so than before. Another 8% of local people have confessed they like to gamble because they feel bored. On the other hand, the massive availability of gambling and betting options online can quickly see players’ habits spiral out of control and result in extensive financial losses.

As Casino Guardian previously reported, Australia remains the world’s biggest gambling nation, with local people being categorised as the biggest gambling losers on a global scale. Aussies spend about AU$25 billion on various forms of gambling every year. The Australian Institute of Health and Welfare revealed that, currently, an estimated 1.434 million residents of the country are considered at risk of facing gambling-related harm, while 300,000 are already categorised as gambling addicts.

Daniel Williams

Daniel Williams has started his writing career as a freelance author at a local paper media. After working there for a couple of years and writing on various topics, he found his interest for the gambling industry.

Daniel Williams

Author: Jerry Lewis