Your Personal Finances

Consumer Alert

If you think winning the lottery or hitting it big at a casino is your answer to money problems you may be experiencing, think again. Gambling is not the answer and, in fact, gambling is a huge problem in Canada.

The Centre for Addiction and Mental Health (CAMH) says about 332,000 Ontario residents are currently experiencing problems because of gambling habits. Gambling is a growing Canadian past time. In 1992 government-run lotteries, slot machines and casinos made $2.7 billion in profit. That number jumped to $14.5 billion in 2003-2004. More and more people are gambling - including young Canadians. Studies show that gambling among high schools is becoming increasingly popular. The 2005 CAMH Ontario Student Drug Use survey found that 24% of all students gambled at cards in 2003. That number jumped to 33% only two years later. A study by McGill University says despite the fact that gambling is illegal for those under 18, 80% of 12-17 year olds gamble, with 35% of them gambling at least once a week.

One of the issues is that gambling is not considered a harmful activity. And, while occasional, controlled gambling can be a fun activity, it can turn into trouble when it gets out of control.

CAMH says that most people with gambling problems slowly lose control over how much time and money they spend gambling. Gambling becomes the center of their lives causing family, financial, employment, health and legal issues.

Like the story of the tortoise and the hare, instead of looking for the quick fix, the best way to make money and manage your finances is the slow and steady way. Get a steady job, watch your spending, control your debt level, live within your means, and systematically save to meet your goals. A financial advisor can help you develop a financial plan to help you meet your goals over time instead of reaching for that ever-illusive magic bullet.

Are you at risk of having a gambling problem?

Choose the appropriate answer for each of the following questions and total your score:
Answers: 0-never 1-sometimes 2-most of the time 3-almost always

In the last 12 months:

1. Have you bet more than you could afford to lose?
2. Have you needed to gamble with more money to get the same excitement?
3. Have you gone back another day to try to win back money you lost?
4. Have you borrowed money or sold anything to get money to gamble?
5. Have you felt you might have a problem with gambling?
6. Has gambling caused you health problems including stress?
7. Have people criticized your gambling habits?
8. Has your gambling caused money problems?
9. Have you felt guilty about your gambling?

If your scores add up to less than three you don't have a gambling problem. If your score is between three and seven you are a moderate-risk gambler that could cause some problems. If you score eight or more you may be out of control and should seek professional help. www.responsiblegambling.ca

Source: From the Canadian Problem Gambling Index – source CAMH

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