A study conducted by Gambling Research Glasgow at the University of Glasgow, on behalf of PensionBee, found that almost a third of adults over the age of 65 gamble by taking part in activities such as sports betting, bingo and online casino games.
The study found that gambling rates are most prevalent among those near or at retirement age (aged 55-64), but over-65s tend to gamble more frequently, with over half reporting weekly participation in gambling activities.
The Problem Gambling Severity Index found that 2% of adults aged 55 and over experience some level of gambling risk. This translates to approximately 360,000 people across the UK but, despite this, gambling harms among retirees remain largely overlooked, with most focus placed on younger demographics.
Gambling in retirement
PensionBee described retirement as a “significant period of transition”, bringing financial, lifestyle and emotional changes that may increase vulnerability to gambling harms.
Key risk factors associated with problem gambling include lower incomes, living in deprived areas, seeking escapism and boredom.
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The report noted that some retirees may provide financial support to loved ones experiencing gambling-related harm, which can create financial strain and disrupt long-term financial planning.
Researchers also suggested that the accessibility of pension lump sums may contribute to higher gambling harm risk among retirees and their families.
Calls for industry collaboration
The research found there is opportunity for financial services firms to collaborate and establish industry practices to address common concerns around customers who have been impacted by gambling.
For example, a simple screening question – aligned with recent guidance from the National Institute for Health and Care Excellence (NICE) – could be introduced when individuals first access their pension. This could involve asking whether their own or someone else’s gambling has caused them concern.
Firms could also consider providing clear warnings, signposting to the National Gambling Helpline, and offering educational resources on financial wellbeing.
While direct intervention may not always be appropriate, ensuring that customers can easily access relevant guidance could be a valuable step in reducing potential harm.
Lisa Picardo, chief business officer UK of PensionBee, said: “Gambling harms are often associated with younger people, but this research brings attention to the issue faced by retirees, particularly as they navigate major financial and lifestyle changes.
“Screening questions and accessible support pathways are measures that could play a role in raising awareness of gambling-related challenges.
“By exploring these approaches, the industry may be able to better support individuals in making informed financial decisions and improve their financial wellbeing in later life.”
Dr Blair Biggar, lecturer and research associate at the University of Glasgow, said: “While we often discuss how major life transitions, such as leaving home or starting work, can influence gambling behaviour, retirement is another key moment of change that has been largely overlooked.
“As individuals adapt to changing financial situations and lifestyle transitions, some may engage in gambling for various reasons, such as maintaining routine amid boredom or coping with the adjustments of retirement.
“This study underscores the importance of understanding these risks and implementing safeguards to support older adults.”
