New research from Nationwide uncovers the impact of everyday gambling in the UK, with more than one in ten (11%) gambling daily and nearly one in three (28%) hiding their habits from others.
It comes as Nationwide reaffirms how its gambling block* is designed to discourage impulsive gambling and features a 72-hour cooling-off period after it is switched off before a customer can spend with gambling merchants again – long enough to cover a weekend of sport.
The poll1 of 2,000 people who gamble shows that while nearly 63 per cent bet at least once a week, some 23 per cent don’t set any time or money limits. On average, people lost an average of £351 over the last year, while four per cent lost more than £1,000 on a bet. Close to one in ten (9%) have lost money they rely on.
Worryingly, one in five (20%) wouldn’t seek help if their gambling became a problem.
Nationwide, which continues to invest in the support it offers vulnerable customers, provides a gambling block customers can activate through their mobile app, in branch or over the phone. The block, designed in collaboration with gambling charity GamCare, was created with a 72-hour cooling-off period when switched off to help further reduce potential gambling harm. Nationwide’s partnership with GamCare also means customers can benefit from gambling support services to help them understand the potential impact it may be having on them, their family and friends.
Kathryn Townsend, Head of Customer Vulnerability at Nationwide said: “It’s heartbreaking that one in five people wouldn’t go to anyone for help if their gambling became a problem. People need to know support is available, without judgement, should they need it. We made a conscious decision to offer a gambling block with a 72-hour cooling off period to support customers making decisions that are right for them.”
Nationwide is also the first financial services firm to join the Gambling Harms Action Lab, recently announced by The Money and Mental Health Policy Institute2.
Kathryn added: “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.”
Close to three quarters (73%) of male respondents gamble at least once a week and 15 per cent daily, according to the poll. This compares with 55 per cent of female respondents on a weekly basis and eight per cent daily. Men are also far more likely to lose larger amounts of money on gambling, with the biggest average loss on one bet at £265 versus £98 for women. The gender difference plays out further with average losses last year of £467 for men and £255 for women.
The research also shows younger people are both more likely to gamble daily, as well as gamble more money each month. Respondents aged 18–25 gamble £118 per month on average, against an average of £81. This is slightly more than the average £113 spent by 25–34-year-olds. While overall 23 per cent say that their gambling has got out of control, this increases to 45 per cent of 18–24-year-olds and 37 per cent of 25–34-year-olds. More than half (53%) of those aged 18-24 and 44 per cent of 25–34-year-olds admit to hiding their gambling habits from others.
Nikki Bond, Head of the Gambling Harms Action Lab at the Money and Mental Health Policy Institute said: “Financial services firms are in a unique position to help those experiencing gambling harms and we’re delighted that Nationwide has joined the Gambling Harms Action Lab programme. The sector has taken positive steps in offering solutions to gambling harms for customers in recent years. Nationwide’s gambling block feature and its partnership with GamCare are good examples of that progress.
“Our Gambling Harms Action Lab is bringing together a group of current account providers to work together to solve common challenges, through the development of better support and tools with input from our Research Community of experts by experience at its heart. We welcome Nationwide’s commitment to developing new solutions for gambling harms.”
Mark Weiss, Deputy Chief Executive, at GamCare said: “The festive period can be a difficult time for those struggling with gambling, but it can also provide a good opportunity to open up about the issues you’re facing. GamCare’s National Gambling Helpline provides free confidential support 24/7, 365 days of the year - including Christmas Day and the whole of the festive season. There are many ways you can get support, whether it’s calling an Adviser or using our live chat and WhatsApp features in case you are concerned about privacy while family and friends are around.”
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