Provider urges industry to tackle hidden gambling risks for over-55s
Image: boommaval/Shutterstock
Pardon the Interruption
This article is just an example of the content available to mallowstreet members.
On average over 150 pieces of new content are published from across the industry per month on mallowstreet. Members get access to the latest developments, industry views and a range of in-depth research.
All the content on mallowstreet is accredited for CPD by the PMI and is available to trustees for free.
A third of over-65s and about two-fifths of people aged 55 to 64 gamble, new research has found, as low incomes, boredom and access to lump sums act as possible triggers. One provider is now calling on the industry to develop best practice on spotting those at risk and preventing harm.
A large minority of older people gamble beyond the lottery, with 2% or about 360,000 people over 55 having a heightened gambling risk. PensionBee said risks in this age group are overlooked as most gambling research and prevention focuses on younger people.
A new study, conducted by Gambling Research Glasgow at the University of Glasgow on behalf of PensionBee, found People aged 55-64 with pension income were most likely to say they had gambled outside the national lottery (42%), followed by 55-64-year-olds without any pension income (37%) and over-65s (32%).
However, over-65s were the most frequently indulging in sports betting, bingo, online casino games and the like. More than half (56%) of over-65s who gamble said they gamble at least once a week, while frequency was lower among those aged 55 to 64.
“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,” said Blair Biggar, a lecturer and research associate at the University of Glasgow.
A new study, conducted by Gambling Research Glasgow at the University of Glasgow on behalf of PensionBee, found People aged 55-64 with pension income were most likely to say they had gambled outside the national lottery (42%), followed by 55-64-year-olds without any pension income (37%) and over-65s (32%).
However, over-65s were the most frequently indulging in sports betting, bingo, online casino games and the like. More than half (56%) of over-65s who gamble said they gamble at least once a week, while frequency was lower among those aged 55 to 64.
“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,” said Blair Biggar, a lecturer and research associate at the University of Glasgow.
“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,” he said.
Lower incomes, living in deprived areas, escapism and boredom, providing financial support to others, and pension lump sum risks are all potential drivers of gambling risk.
PensionBee is now calling for a new industry collaboration to establish practices that address gambling concerns, including with a screening question aligned with guidance from the National Institute for Health and Care Excellence when individuals first access their pension. The gambling harm screening could fall under the ‘Consumer Support’ outcome of the Consumer Duty, the provider notes.
Lisa Picardo, chief business officer UK of PensionBee, said: “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.”
PensionBee proposes:
Lower incomes, living in deprived areas, escapism and boredom, providing financial support to others, and pension lump sum risks are all potential drivers of gambling risk.
PensionBee is now calling for a new industry collaboration to establish practices that address gambling concerns, including with a screening question aligned with guidance from the National Institute for Health and Care Excellence when individuals first access their pension. The gambling harm screening could fall under the ‘Consumer Support’ outcome of the Consumer Duty, the provider notes.
Lisa Picardo, chief business officer UK of PensionBee, said: “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.”
PensionBee proposes:
- optional self-exclusion tools that allow customers to place restrictions on their accounts, such as blocking lump sum withdrawals or setting cooling-off periods for major financial decisions should they wish to do so;
- safeguarding policies, eg protocols for responding to disclosures and referral pathways to specialist support services such as the National Gambling Helpline, to ensure customers receive appropriate interventions;
- staff training on gambling-related harm;
- fraud prevention policies to safeguard vulnerable individuals from financial exploitation linked to gambling addiction; and
- continuous monitoring and improvement of support measures.
