A new study has revealed that gambling rates are ‘most prevalent’ among retirees or those near retirement age, with over 65s gambling more frequently.
The research has been undertaken by the University of Glasgow, on behalf of PensionBee, with almost one in three adults over the age of 65 found to have gambled beyond the lottery.
For those over 65, over half of the category reported weekly participation in activities such as sports betting, bingo and online casino games.
“The research finds that 2% of adults age 55 and over – the age at which individuals can currently first access their personal pension – experience some level of gambling risk, according to the Problem Gambling Severity Index.”
This percentage equates to roughly 360,000 across the UK, but the researchers say “despite this, gambling harms among retirees remain largely overlooked, with most focus placed on younger demographics.”
Retiree’s could be asked a question about gambling when accessing pension
The study lists a number of key risk factors for those in retirement, or going through the period of transition, which includes lower incomes, living in economically disadvantaged communities, escapism and boredom, providing financial support to others, and the accessibility of pension lump sums.
The team behind the study suggest a “simple screening question could be introduced when individuals first access their pension. This could involve asking whether their own or someone else’s gambling has caused them concern.”
Firms could then consider providing clear warnings, signposting to the National Gambling Helpline, and even offering educational resources on financial wellbeing.
Lisa Picardo, Chief Business Officer UK of PensionBee, commented: “Gambling harms are often associated with younger people, but this research brings attention to the issue faced by retirees, particularly as they navigate major financial and lifestyle changes.
“Screening questions and accessible support pathways are measures that could play a role in raising awareness of gambling-related challenges.
“By exploring these approaches, the industry may be able to better support individuals in making informed financial decisions and improve their financial wellbeing in later life.”
Featured Image: AI-generated via Ideogram
