Gambling and Financial Stress

  • July 12, 2023 By tlpeters
person looking in an empty wallet

Did you know that financial wellness, along with physical and mental wellness is considered a pillar of good health?  In Canada, one of the greatest sources of stress that people experience is related to money problems.  Money related problems can have an impact on your physical and mental health. If you are feeling financial stress you are not alone. Financial stress affects Canadians of all ages and income levels:

  • 48% of Canadians have financial worries that they have lost sleep over
  • 44% of Canadians say they would have trouble meeting their financial obligations if their pay was received late.

There are many sources of financial stress.  Some examples include:

  • Living pay cheque to pay cheque
  • Owing high levels of debt
  • Expenses that are unexpected
  • Managing household expenses and the cost of living
  • Inability to save money and “get ahead”

(Financial Consumer Agency of Canada, 2023)

Problematic levels of gambling can lead to financial stress

This could look like a loss of savings or accrued debt.  Other life-style changes associated with problematic levels of gambling could include having to work longer hours to make more money or cost cutting measures such as reducing your weekly budget for groceries or cancelling your cable TV service.  It can also include downsizing your vehicle or home, or even losing one’s job due to gambling habits.  If gambling is problematic, it can lead a person to believe misconceptions about their probability of winning.  Financial stress associated with gambling may motivate some people to “chase their losses”, irrationally motivating someone to gamble more.

Help is available

If you or someone you know is experiencing financial stress due to gambling, we can help.  Call the PEI Gambling Support Line at 1-855-255-4255 to speak to a trained professional and explore resources.  It is FREE, confidential and available 24/7/365.  Call for yourself or a friend.

We invite you to view our other posts in this series

  1. Building Resilience
  2. Financial Resilience: What Is It?
  3. Setting SMARTER Goals
  4. How Can Budgeting for Gambling Help Me?
  5. Budgeting for Gambling: Being Proactive!