Two views on the impact of gambling on saving for retirement:

It’s a problem.

The Tax Foundation’s on-line publication, FISCAL FACTS, reported in January on a survey wihch showed that the lottery diverted income from retirement savings. The survey conducted by the Opinion Research Corporation for the Consumer Federation of America and the Financial Planning Association indicated that 21% of the respondents believe the lottery is a practical way to save for retirement. The Tax Foundation went on to assert that contrary to many people’s beliefs—and to state governments’ claims—the money that states raise from lotteries is tax revenue; and that lotteries exemplify poor tax policy.

It’s Not A Problem.

Just recently Harrah’s 2006 Survey:Profile of the American Casino Gambler reported that casino gamblers compared to non-gamblers are:

  • more likely to have increased their savings and decreased their debt over the past year;
  • more likely to be looking forward to their retirement years; and
  • more frequently putting aside money regularly for their retirement.

Who’s right?