More bankrupts due to gambling and speculation

More bankrupts due to gambling and speculation

SINGAPORE - The number of Singaporeans in their mid-30s to mid-40s who were declared bankrupt due to gambling and speculative investments is on the rise.

The latest figures from the Ministry of Law show that the number of new bankrupts aged 35 to 44 each year has remained relatively constant over the last three years.

But the percentage of those who cite gambling and speculative investments as reasons for their insolvency has risen from 4.8 per cent in 2010 to 11 per cent last year.

There were 572 new bankrupts last year, of whom 11 per cent cited speculative investments, such as in shares, and gambling - including 4D, Toto, horse racing, sports gambling and gaming at casinos here and overseas - as causes for their bankruptcy.

The figures were 8.4 per cent out of 522 in 2011, and 4.8 per cent out of 523 in 2010.

Credit Counselling Singapore (CCS) general manager Tan Huey Min said that of those aged 31 to 40 counselled by the organisation, a quarter had gambling issues.

She added that the percentage of people in this age group with gambling issues fluctuates between 20 and 30 per cent each year, with the number around 180 last year.

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