Online gambling and prediction markets may be pulling money away from bank deposits, especially among younger consumers. This article explains that heavier gamblers tend to have lower savings, money market, and CD balances, and that gambling-related debit card activity is rising while some consumers are borrowing money to place bets. It recommends that banks measure gambling activity among their own customers, tailor financial education to people showing signs of financial stress, and emphasize saving and long-term wealth building.
Do you know how much cash your customers are sending to gambling and prediction markets? Are you seeing a connection between gambling activity and lower deposits? Have you discussed changes to financial education or savings programs in response?