Money and Mental Health Policy Institute Launches Gambling Harms Action Lab
The Money and Mental Health Policy Institute, a charity organization founded by the well-known consumer champion Martin Lewis, recently announced the formation of the Gambling Harms Action Lab. This initiative aims to enhance support for gamblers facing problems and seeks to mitigate the negative effects of gambling on mental health.
Composition of the Gambling Harms Action Lab
The newly established Gambling Harms Action Lab will include seven prominent financial services institutions:
- Barclays
- first direct
- HSBC UK
- Monzo
- Starling
- Virgin Money
- Nationwide
For an 18-month period, these organizations will collaborate to devise effective strategies and support mechanisms for British individuals who are grappling with gambling-related harm. Funding for this initiative will come from a regulatory settlement sanctioned by the UK Gambling Commission (UKGC), underscoring the importance of accountability in financial practices related to gambling.
Addressing the Growing Concern of Gambling Harm
The formation of the Gambling Harms Action Lab is a timely response to alarming findings from the UKGC’s recent studies. These studies revealed that around 2.5% of the British population is currently experiencing significant gambling-related harm, with an additional 3.7% identified as being at moderate risk and 8.3% classified as low-risk gamblers. Alarmingly, 58% of those facing gambling problems reported not having accessed any support services in the past year, highlighting a critical gap in available assistance.
The primary goal of the Gambling Harms Action Lab is to capitalize on the financial industry’s expertise to identify and combat gambling-related harm. The participating firms are set to explore innovative methodologies and tools designed to offer support for those struggling with gambling issues. This collaboration is expected to yield synergies that can enhance the resources available to help vulnerable individuals.
Collaborating for Innovative Solutions
Close collaboration between the participating financial firms and the Money and Mental Health Policy Institute will be central to developing effective interventions. The initiative will be further supported by the institute’s Research Community, composed of individuals who have lived experience with gambling harm. Their insights will be invaluable in creating tools that are not only practical but also empathetic to the needs of those affected.
The first meeting of the Gambling Harms Action Lab is scheduled for later this month and promises to initiate a proactive approach in addressing gambling-related issues.
The Need for Cross-Sector Action
Nikki Bond, head of the Gambling Harms Action Lab, emphasized the necessity for cross-sector cooperation in tackling the rising tide of gambling harm. She expressed her delight at the commitment demonstrated by the seven financial service providers joining this critical program. Bond’s statement reflects a growing recognition that collaborative efforts are essential in overcoming the challenges posed by problem gambling.
In supporting this initiative, Tim Miller, executive director of the UKGC, highlighted that while financial services may not be the root cause of gambling harm, they play a vital role in the solution. Miller thanked the participating organizations for their commitment to this important work and reiterated the need for greater collaboration across various sectors to effectively combat problem gambling and its associated issues.
Conclusion
The Gambling Harms Action Lab represents a significant step towards addressing the pressing issue of gambling harm in the UK. The partnership between the Money and Mental Health Policy Institute and leading financial services firms illustrates a proactive and informed response that leverages the strengths of diverse organizations. By working together, they aim to create effective solutions and support systems that can make a real difference in the lives of individuals struggling with gambling-related issues.
