Online bank reports spike in gambling blocks amid worsening cost-of-living crisis
Monzo Bank revealed that its blocked 20% more transactions than in the previous period
Online bank Monzo has reported that 50,000 users have taken advantage of its gambling-blocking tool for the first time in the last six months.
This is more than a third of the number of people who started using the tool in the previous six-month period.
The tool helps people curtail their gambling spend by blocking any transactions made to a gambling company via their current account.
Once enabled, the tool can only be turned off if the user phones their bank’s customer support team to make the request and then there is a two-day waiting period to turn it off in the app physically. This system was put in place to stop people from gambling compulsively.
The bank also revealed that its had to block 20% more transactions in the last six months compared to the previous period.
Monzo confirmed that more than 500,000 customers have used its gambling-block tool since it launched in 2019.
Last month, Lloyds Bank became the first UK high street bank to introduce personalised gambling spending limits for its customers.
This comes as charity GambleAware raised concerns that people, especially women, are likely to gamble more due to the ongoing cost-of-living crisis in the UK.
A study conducted by the charity found that a quarter of women aged between 18-49 expect to gamble more in the coming months due to the squeeze on living standards caused by rising inflation and soaring energy bills.
London-based GambleAware also found that 12% of those surveyed have already turned to gambling to supplement their household income.
The charity also warned the economic situation mixed with the ongoing World Cup could create a “perfect storm” for some gamblers.
Natalie Ledward, Monzo’s head of vulnerability, access and inclusion, told the PA News Agency: “Amid the cost-of-living crisis, we know that tools like our gambling block are more important than ever in providing customers with much-needed support.
“It’s a great example of the kind of tools banks can put in place to help vulnerable customers.”