Are your older family members gambling as a retirement hobby?
Collaborative Post
New research suggests that almost one in three retirees in the UK gamble beyond the lottery. Is this worrying for families, or does it not really matter?
Carried out by the Gambling Research Glasgow at the University of Glasgow on behalf of Pension Bee, the analysis has found that almost one in three adults over the age of 65 gamble beyond the lottery.
For many, that’s just a bit of entertainment. Watch afternoon television and you’ll see multiple ads for gambling activities such as lotteries, casinos and more. Most of this is harmless fun, but if addiction sets in, or a person seems to have lost capacity to make wise decisions, that could be a problem.
Who is vulnerable to gambling problems in retirement?
Research shows that around 2% of adults aged 55 and over – the age when people can start using their personal pensions – are at some risk of gambling problems. That’s roughly 360,000 people across the UK.
Should we be worried?
Retirement can be a risky time for gambling harm because it brings big changes in money, lifestyle, and emotions. These changes can make some people more vulnerable.
Some of the main risk factors include:
- Lower income
- Living in poorer areas
- Feeling bored or trying to escape problems
- Supporting others financially
- Access to large pension lump sums, which can make gambling easier or more tempting.
These issues can affect not just the retirees themselves, but also their families.
Dr Blair Biggar, Lecturer and Research Associate at the University of Glasgow, said: “While we often discuss how major life transitions, such as leaving home or starting work, can influence gambling behaviour, retirement is another key moment of change that has been largely overlooked.
“As individuals adapt to changing financial situations and lifestyle transitions, some may engage in gambling for various reasons, such as maintaining routine amid boredom or coping with the adjustments of retirement. This study underscores the importance of understanding these risks and implementing safeguards to support older adults.”
What can financial firms do?
There are suggestions for how financial services firms could help customers who have been affected by gambling issues. For example, 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 also consider providing clear warnings, signposting to the National Gambling Helpline, and offering educational resources on financial wellbeing. While direct intervention may not always be appropriate, ensuring that customers can easily access relevant guidance could be a valuable step in reducing potential harm.
What can families do?
Families who are concerned about how older relatives are managing their money could talk to them about setting up a bank account that they can access for ‘pocket money’ activities such as gambling, while keeping their other financial assets safely protected. Or simply consider setting up time or spending caps on gambling accounts. This can be particularly helpful in situations where the older person may be struggling with financial management and decision-making. Those holding financial power of attorney for loved ones may find this a useful approach – and if you haven’t got lasting power of attorney set up for all adults, do it now!
In more extreme cases, there are self-exclusion tools that can block access to gambling sites, or banks can often work with you to block gambling transactions on a bank account.
In general, it’s worth considering how to address the underlying issues that may be prompting an older person to gamble more. If you can identify what is the motivation, you can look for other activities to replace the gambling – both for your relative alone and for the two of you together, that can help.
If you’re really worried, you can seek professional support from organisations such as GamCare, NHS gambling treatment clinics or gambling therapy services. Your relative may be open to speaking to their GP about the issue.
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