When it comes to gambling, the spotlight tends to fall on younger people. Teens online betting or 20-somethings trying their luck on casino apps. But research has revealed another group who might also be vulnerable - retirees.
A study by the University of Glasgow, supported by PensionBee, found that almost one-in-three people over the age of 65 gamble beyond just the occasional lottery ticket. And more than half of them say they do so every single week.
It’s a reminder that gambling isn’t just a ‘young person’s issue’ and that, for some older adults, it may be more than just a bit of fun.
What’s going on?
Gambling rates are actually highest among people aged 55-64. This is right around the time many are thinking seriously about retirement and may be accessing their pension savings for the first time.
Around 2% of people aged 55 and over show signs of gambling-related risk with over 65s gambling the most frequently. Yet support and safeguards for this age group are often lacking, simply because the risks aren’t well-known or widely discussed.
Why retirement can be a trigger
Retirement is a big life transition. After decades of working, your routine changes overnight. You may have less structure in your day, less income, and in some cases, less social interaction. For many it’s a welcome break, but for others, it can be a tough adjustment.
This period of change can create conditions where gambling becomes more tempting or harder to manage. For example:
- tighter finances might make the idea of a big win feel appealing;
- extra time on your hands could lead to more gambling, especially online;
- supporting others e.g. adult children struggling with gambling, can put pressure on your own financial wellbeing; or
- access to pension lump sums could make it easier to overspend or take bigger risks without realising the impact.
Where can individuals find support?
If gambling is starting to feel less like a hobby and more like a worry, either for yourself or someone close to you, there are simple steps that can help. Setting a clear budget for leisure spending, keeping your pension separate from day-to-day money, and balancing screen time with other hobbies or social activities can all reduce risks. Talking to a trusted friend or using tools to block gambling transactions can also provide extra support when temptation feels strong.
When it comes to your long-term savings, remember your pension needs to last you throughout retirement. If you have a defined contribution pension, only 25% of your pot can be taken tax-free. After this, any withdrawals will be taxed at your usual Income Tax rate. Using tools like the Pension Calculator can show how far your money might stretch, while giving yourself time to think before taking lump sums can prevent hasty decisions.
Even small steps like these can make a big difference, and free support is always available from services such as MoneyHelper, StepChange, and GamCare.
What the financial services industry can do
This isn’t about pointing fingers or discouraging responsible fun. It’s about making sure the right support is available if and when it’s needed.
A simple first step for pension providers could be to ask a quick, non-judgemental question when customers access their pension. Something like whether they’ve ever been worried about gambling, either for themselves or someone close to them.
From there, providers could offer:
- tools to pause or limit withdrawals, if someone wants to set boundaries for themselves;
- clear signposting to expert help, like the National Gambling Helpline;
- staff training to spot warning signs and respond sensitively;
- stronger safeguards to protect customers from financial exploitation or harm; and
- regular reviews to keep these tools effective and relevant.
Joining the dots
Gambling in retirement isn’t always visible. It doesn’t fit the usual narrative. But that’s exactly why we need to talk about it.
Staying financially healthy in later life isn’t only about avoiding risks, it’s about feeling confident that your money will support the lifestyle you want. That might mean keeping a close eye on spending habits, building in routines that give structure and purpose to your days, or getting guidance before making big financial choices.
Most importantly, remember you don’t have to figure it all out alone. Whether it’s talking things through with family, using free planning tools, or reaching out to expert organisations, support is always available. By combining good habits with the right guidance, you can protect your pension and focus on enjoying retirement to the fullest.
Risk warning
As always with investments, your capital is at risk. The value of your investment can go down as well as up, and you may get back less than you invest. This information should not be regarded as financial advice.
