Gambling in the Golden Years: Don’t Let Your “nest egg” Disappear

WHAT IS THE PROBLEM?

Many seniors gamble. Most think that senior gambling is just another form of fun, but senior gambling can become problem or compulsive behavior. Like other addictions such as alcohol and/or drug dependence, left untreated problem gambling may lead to problems with family, friends, finances, health and the law. Thousands of seniors turn to various forms of gambling in order to escape from loneliness or boredom, to be socially accepted, to increase fixed incomes, to forget the past, and because of their clouded judgment due to the side effects of medications.

DID YOU KNOW?

A senior who amasses a gambling debt risks more financially than younger addicts because they often live on a fixed income and have a hard time recouping what they have lost, whether it's their savings, Social Security checks, insurance money, or cash for food and medications.

 

·        One in 10 older adults may face a significant risk of getting addicted to gambling, a trend some experts say is a crisis for seniors. (University of Pennsylvania Study)

·        When seniors begin to encounter problems, they are often confused about their own behavior and are embarrassed that they cannot control the activity.

·        Seniors are reluctant to go for help because they think at their age they should know better.

·        They are most often unaware of what pathological gambling is and have no idea there is help available or where to get it.

·        New York State’s senior Helpline calls total 23.2% of all of the state’s crisis calls.

·        Seniors are gambling in record numbers. The stigma that once surrounded gambling has vanished.

FACTORS THAT PLACE SENIORS AT RISK

·        Favorable attitudes towards gambling among peers and family members

·        Having friends who gamble

·        Community availability and favorable norms towards gambling

·        Senior centers and churches regularly sponsor trips to casinos, bingo, raffles 

·        Many seniors have more disposable income or

·        Many seniors have limited financial resources and are looking for a big win to compensate

·        Seniors have lots of time on their hands, looking for social interaction

WHY SENIORS GAMBLE AND WHAT KEEPS THEM GOING BACK

·        Social interaction

·        Perceived as a safe place to go

·        Emotional escape

·        Excitement and living on the edge

·        Independence

·        Self-esteem boost

·        Several small or even large monetary winning ‘episodes."

·        Boredom

·        Grief

·        Relocation (selling house, moving to senior housing, etc)

·        Depression

·        Stress

·        Loneliness

·        Fear of death

·        Loss of friends/loved ones

·        Physical limitations may not permit past hobbies

·        Isolation

·        Extended bereavement

·        Deteriorating mental capacity

·        Clouded judgment due to the side effects of a variety of medications for chronic diseases.

WHAT YOU CAN DO

Spread the word that gambling can potentially become a problem and that seniors are at serious risk for developing problem gambling!