By educating your child about the importance of budgeting, and the pitfalls of incurring debt, they will be less likely to look to income sources such as gambling. You can help by telling your young adult that gambling is a risk.

For most people gambling is a harmless recreational activity, but nevertheless it carries a risk. If you are aware that your son or daughter is gambling, either online or with friends, encourage him or her to figure out how much they are able to spend, and to set limits. Unfortunately some people, especially young adults, even after setting limits, are unable to control their gambling. When losing, they become emotionally caught up in trying to win back losses. When ahead, they become overconfident and try to win even more.

According to one father who called the Massachusetts Council on Compulsive Gambling Helpline, “I just didn’t know a kid could get into so much trouble with gambling.” The father was considering taking out a second mortgage on his home to cover his son’s gambling debts.

Learn more about youth problem gambling, and RESOURCES available to help.

It is important to encourage open communication about gambling and all financial matters with your child.