Poor People Spend 9% Of Income On Lottery Tickets
A recent study found that poor folks – households earning under $13,000 per year – spend about 9% of all their income on lottery tickets.
The study neatly illuminates the sad positive feedback loop of lotteries. The games naturally appeal to poor people, which causes them to spend disproportionate amounts of their income on lotteries, which helps keep them poor, which keeps them buying tickets.
I wonder what would happen if on a certain number of the losing scratch-off cards, scratching off the latex ink won you free personal finance and budget management services.
Lotteries [The Frontal Cortex] (Thanks to Jim!)
The impact of narrow decision bracketing on lottery play [Journal of Risk and Uncertainty]
Want more consumer news? Visit our parent organization, Consumer Reports, for the latest on scams, recalls, and other consumer issues.
