Online gambling on the rise amidst soaring cost of living in SA
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With the increase in the repo and inflation rates, the cost of living is becoming a heavy load to bear for South Africans.
According to the annual report that Old Mutual Savings and Investments Monitor, the high cost of living has led to a rise in the number of people who gamble.
The report said that 44% of South Africans are gambling online regularly.
Even more concerning is that 28% of Gen Z borrow money to gamble.
Head of knowledge and insights at Old Mutual Vuyokazi Mabude said that there was no "safe" way to gamble.
She further encouraged people who wanted to gamble to look at their financial overview when placing bets.
For me, it would be focusing on knowing what your income is, knowing what your expenses are, how much are you saving, how much are you spending, and then if you choose to take part in online gambling, or any sport betting, whatever that looks like, then you do it as a something that's recreational that doesn't have a negative impact on your finances.
Vuyokazi Mabude, head of knowledge and insights - Old Mutual
I would encourage people to really make sure that they get the financial education they need to make informed financial decisions and if they do choose to gamble, to do so within their means in a way that doesn't negatively impact their lives and financial situation.
Vuyokazi Mabude, head of knowledge and insights - Old Mutual
Remember, winners know when to quit.
Listen to the full interview above.
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