A new nationwide report by LowelA credit management company has revealed that 46% of young gamblers in the UK have used credit to finance their gambling activity. Researchers worked with a representative sample of 1,000 respondents living in the UK, so that they had more knowledge about gambling habits and how they affect their financial health.

The percentage of young gamblers aged 25-34 is to resort to credit to cover their gambling expenses 2.2 times higher than the percentage of UK citizens of average age (22%)The study also mentions that the borrowed amount was used in the last one year in the backdrop of the increased amount of discoveries for gambling apps on Google Pay (18%) and Apple’s App Store (10%).

While the respondents were more likely to use their own credits, many worked in a way that could affect loved ones and their financial good. Some 18% of the 25-34-year-old respondents said that they borrowed money from relatives and loved ones without their awareness. Ahead, 17% resorting to a joint credit card to cover gambling damage,

Gambling activity of more than one third of 25-34-year-old respondents was required as a result Borrowed money To cover the required domestic expenses. Some 13% have missed paying priority bills.

As a direct result of credit card withdrawal and missing payment, 13% young gambler’s credit score affected badlyThis national average is 4%to 3.3 more.

The worrying tendency of youth gambling on credit should be addressed

John Peers, Managing Director of UK, commented on the findings of new studies, Highlight the need to address the worrying tendency of young people gambling on credit, “Whether it is gambling for an alleged ‘quick victory’ to help to help pay bills or help them to take new credit features, this can cause people’s financial health weaknesses and put them and their families at risk of further debt.”

Another trend among the UK residents is that 39% do not know about the devices and resources they can use to seek professional help for their gambling and control their financial condition.

On its official webpage, Lowell Financial Limited has published Detailed guideProviding help for those struggling with gambling loans. Credit management company identifies some red flags, indicating that a person’s gambling may be out of control. These include lying to loved ones about gambling, using funds borrowed from loved ones to cover gambling expenses, earning more money for loss and also making missing priority payments. Lowell provides more information about institutions that can be contacted to improve the overall financial status and welfare of someone including NHS GP, Gamecare, Mind and Stepacges. The latter is a free expert loan advice donation.

Daniel Williams

Daniel Williams has started his writing career as a freelance writer in a local paper media. After working for a few years and writing on various subjects, he gained his interest in the gambling industry.