Millennials Reject Folly of Lotteries

Posted in Money Tips
Posted by Wendy Young, CERTIFIED CREDIT COUNSELLOR

millennials-reject-lotteriesThe young ones, it seems, have figured out the ruse behind the whole lottery machine — and they aren’t buying into it.

The latest data out of the Ontario Lottery and Gaming Corp. tells a tale of an aging business that isn’t keeping step with a younger generation that’s demonstrated a decided indifference for playing the lotto. Among Ontarians who buy lottery tickets at least once a week, a mere 13% are under age 35. What’s more, the mean age of those players who take a run at their chances at least weekly is 52 — positively ancient from a millennial point of view.

“The two national lottery products,” a recently issued request for proposals by the country’s gaming industry reads, referencing Lotto 6-49 and Lotto Max, “are experiencing historic levels of decline for the young adult demographic … by anywhere from eight to 31%.”

“If we do not attract younger players … to play lottery games, over time, the lottery business is at risk of decline.”

Still, the country’s provincial lottery agencies, joining forces in a brainstorming bid to develop a game of chance that will attract millennials into the fold, aren’t giving up easily. Ideally, they hope to land upon an idea attractive enough to the texting/video-gaming/Instagramming generation that they’ll lay down some of their hard-won cash on a game of chance.

At Hoyes Michalos we have a different perspective. All too often we find ourselves sorting through the messy aftermath of lottery fans’ tendencies or even fantasies. The captivation with lotteries is all too often seen as a miracle solution to getting free of overwhelming debt or saving for retirement. It’s viewed as the ultimate way out. For others, lotteries have just become a weekly habit, something you do just like picking up the newspaper. However sinking funds into perpetually losing lottery gambits is not a financial solution.

Our recommendation, to both young and old? Avoid the things altogether. That means sidestepping the scratch-and-wins at the checkout, resisting whatever novel innovation the lottery folks devise to woo you in and — most critical of all — making a financial plan and sticking to it.

If debts are your problem, rather than shoot for the lottery, save the anguish and money from the get-go, and make an appointment with a Licensed Insolvency Trustee. Anything else is gambling on your future.

newsletter signup

Signup for our newsletter

Subscribe to our quarterly newsletter to get tools, tips & advice to help you rebuild your finances.

Please enter valid email

You can withdraw your consent at any time by using the unsubscribe button at the bottom of any Hoyes Michalos newsletter. We value your privacy.

Leave a Comment

Your email address will not be published. Required fields are marked *

13 + 7 =