By: Dr Anastasia Hronis (clinical psychologist)
It’s no secret that Australians are grappling with a cost-of-living crisis. With soaring inflation, increasing housing costs, and rising grocery costs, many Aussies are feeling the financial stress.
Stress can be a significant risk factor that can lead people to gamble, and financial stress is no different. The economic pressure families are facing, can lead some people to turn to gambling as either a perceived solution or temporary escape. Unfortunately, gambling often exacerbates people’s financial difficulties and can lead to worse outcomes and even more stress.
Misconceptions about gambling
Many people have misconceptions about gambling and their chances of winning, which can lead them to gamble in hopes of making money. Some people might turn to gambling to pay off debts or boost their income. However, many people who gamble, significantly overestimate their odds of winning. These false beliefs can result in gambling that leads to even worse financial problems.
Not accurately understanding the odds of winning can cause people to take greater risks when gambling or continuing to gamble, despite losing consistently. Some people may experience ‘selective recall,’ where they remember their wins more than their losses. This bias can further encourage them to gamble as a way to try and win money.
The odds are stacked against you
Gambling should never be viewed as a way to make money, as the odds are stacked against the player. Overtime, gambling can lead to long-term financial losses. Rather than providing a solution to financial problems, gambling can exacerbate financial stress and create a cycle of debt. It’s essential to recognise gambling as a form of entertainment, not a viable source of income.
Gambling to escape financial stress
While cost-of-living stress might lead some people to gamble to try and make money, other people might gamble as a way to ‘escape’ daily stressors. For some people, gambling can serve as a reprieve from daily pressures and financial worries. However, this escape is often illusive and short-lived.
Turning to gambling to manage and escape from stress can become problematic very quickly. People who gamble to escape stress, are also very vulnerable to experiencing significant gambling harms. Often, people might not even realise that their gambling is becoming an issue until it’s already creating a significant negative impact in their life. It is important to remember that there are other options for managing stress, and services that can assist.
How financial counselling can help
Gambler’s Help financial counselling services can offer crucial support for people experiencing gambling-related financial difficulties. Financial counsellors understand how tough managing finances can be and offer judgement-free support to help you get back on track.
Call 1800 858 858 – 24/7 to book a free and confidential session.
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Financial counsellors can help you by providing strategies for managing debts and creating budgets. They can talk to credit providers on your behalf, while also providing information on financial assistance which may be available to you, and help you develop a sustainable financial plan.
Additionally, they can offer guidance on protecting your assets and reducing financial risks, such as setting up separate bank accounts or automatic bill payments. Financial counsellors can also connect you with other support services, including mental health services, to address the broader impacts of gambling-related harm.
Seeking help
If you’d like to talk to someone about your gambling, Gambler’s Help is a free, confidential service available 24/7 on 1800 858 858. You don’t need to be having problems with gambling to call the service.