Are you sure that spending a couple of pounds in online casino won’t hurt you much? Maybe it is true but not for most of the millennials. It is no laughing matter. Let’s find out how can the lack of financial education cause long-term problems for young people in 2020!

Gambling is currently one of the most common forms of entertainment among young people. However, this created a genuinely huge problem, which leads to an unconscious expenditure of money.

The constant development of mobile technology allows you to download the game application within 1 minute and place bets in the online casino for days on end. Although the bulk of the chances does not provide for large amounts, even minor expenses over time lead to a massive flow of costs that are difficult to control.

It is also worth considering that the obsession with smartphones is well used by phone bill casinos and betting companies. Therefore, a new message on WhatsApp or photos of friends on Instagram often becomes a launching pad to unlock the mobile phone screen and make several bets in the hope of heating a big jackpot.

How online casinos use mobile platforms for profit

According to the gambling commission, the annual number of people who prefer to bet using a smartphone or tablet is growing by the hour, not by the day. If you take into account the data for 2017, more than half of the users placing bets in online casinos used a mobile phone or tablet.

Here are some figures:

* According to European Gaming and Betting Association (EGBA) online gambling market witnessed up to €22.2 billion growth comparing to €20 billion in 2017.

* Millennials, which include a group of people aged 25 to 34, made the most significant number of bets among all age groups back in 2017. This was primarily due to the active development of e-sports and the ability to place bets using online games on social networks.

One way or another, the problem of young people who are increasingly placing bets often involves the inability to properly manage their own money. As a result of the lack of financial education, many users do not even understand how to properly manage money and why it should be done.

Why gambling is more popular than financial education?

Perhaps for some people, gambling may seem like an effortless and quick way to make money without much difficulty. However, the reality is that the bulk of young players cannot provide a constant income from online casinos and thereby fritter their money away.

On the other hand, if you want to invest and thereby create a cash flow, then, in the long run, this can become your lifeline. By focusing on financial education, you can learn how to properly manage your own money and what factors you need to pay attention to before investing a minimal amount of money. By controlling your expenses and income, you instantly increase your chances of improving your well-being.

Of course, opponents of financial education can provide counterargument that playing in a casino will not do much harm since it is a matter of a few pounds. Nevertheless, if you are not a pro and do not have a clear strategy and tactics for earning, then it is better to roll up your sleeves and learn from the experience of successful investors.

Competent investments, as well as risk management, will allow you to achieve financial independence much faster. Also, you can create a constant flow of funds and manage possible risks as a true professional.

Importance of financial education

The money-winner investment is based on in-depth knowledge in a particular area. However, before you rush off in search of markets for financing, you should consider getting at least a primary financial education. Today you can easily find a vast number of free online courses on YouTube, allowing you to get a basic understanding of investments and investment strategies.

You do not need to have seven spans in your forehead to succeed in investing in small amounts of money. However, when choosing assets or business, dive into the topic. Detailed information about a company is often available online. Feel free to ask simple questions to more experienced investors. This way, you can take a big step forward by getting a lesson on investing or some tips on where to start.

Be that as it may, investments are also a risky undertaking. Otherwise, everyone you know would become millionaires a long time ago. Obtaining a financial education and the competent use of financial assets will allow you to create a constant flow of money and not get upset due to unsuccessful bets in online casinos.

One way or another, the time spent on financial education and studying a promising object for investment will be much more effective lump-sum victory than even the most exciting online game.

Author's Bio: