The research highlights significant challenges in addressing problem gambling, particularly among younger demographics.
Key points:
- Nationwide research shows 11% of gamblers bet daily, with younger people most at risk of excessive gambling
- Young adults show highest risk patterns with greater spending and concealment
- The bank’s gambling block, featuring a 72-hour cooling-off period, aims to reduce impulsive gambling
- Nationwide joins the Gambling Harms Action Lab to collaborate on industry-wide solutions to tackle gambling harms
Nationwide has unveiled new research highlighting the pervasive impact of everyday gambling in the UK, with findings revealing that 11% of gamblers bet daily and 28% keep their gambling habits hidden.
This comes as the financial institution has reinforced its commitment to tackling gambling-related harms through measures like its gambling block and partnerships with organisations such as GamCare and the Gambling Harms Action Lab.
The study, conducted among 2,000 gamblers, underscores concerning trends. While 63% of respondents gamble at least once a week, 23% do not set any time or financial limits.
Financial impacts are substantial, with average annual losses of £351 ($441), and 4% of respondents reporting single-bet losses exceeding £1,000. Notably, 9% have lost money they depend on for essential needs.
Gender disparities are evident in gambling patterns, with 73% of male respondents gambling weekly compared to 55% of females. Men reported significantly higher average losses, with maximum single-bet losses of £265 versus £98 for women, and annual losses of £467 compared to £255 for women.
The research identified younger gamblers as particularly vulnerable, with 18-25 year-olds spending an average of £118 monthly – above the overall average of £81. Alarmingly, 45% of 18-24 year-olds report their gambling has become uncontrollable, with 53% concealing their activities.
In response to these findings, Nationwide has enhanced its support systems, including a gambling block feature with a 72-hour cooling-off period. Developed with GamCare, this feature aims to reduce harm by encouraging thoughtful decision-making.
Additionally, Nationwide’s collaboration with GamCare provides customers access to support services to address the effects of gambling on themselves and their loved ones.
The bank has also joined the Gambling Harm Actions Lab, becoming the first financial services firm to participate in this initiative.
Commenting on this development, Kathryn Townsend, Nationwide’s Head of Customer Vulnerability, stated: “We are delighted to be the first financial services firm to join the Gambling Harms Action Lab and look forward to working alongside them and the wider industry to make a positive difference to people’s lives.”
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