Melbourne Cup - How Australians Are Gambling With Their Financial Future

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18th October 2010, 02:45pm - Views: 625

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Melbourne Cup – how Australians are gambling with their financial future

In 2009, a record $95.6 million in Melbourne Cup bets were taken in Victorian and NSW alone¹.

But while having a flutter on the Cup can be fun, financial expert Wilson Luna warns that even an

innocent bet can lead to serious consequences. 

Author of four personal finance books, Luna encourages people to be vigilant if they believe their

partner has a gambling problem, paying particular attention to the ‘warning’ signs, which include

their partner becoming secretive about spending, borrowing money or refinancing loans, and trying

to hide their gambling from others.

According to Luna, there are three critical things you need to do to protect yourself and your

financial future if you believe that gambling is a problem for your partner.

Step 1: Put your assets in joint names, or in your name only, to prevent them from being gambled

away and transfer all joint bank accounts, credit cards and finance cards into your name and give

your partner an allowance rather than free access to your finances.

Step 2: Have a personal account with at least three to six months’ worth of living expenses in it to

ensure that you won’t ever be completely cleaned out – and make sure that your partner cannot

access it.

Step 3: Take control of the family finances, especially bill paying and mortgage payments, to

ensure that this money is not used for gambling, leading to defaults and penalties.

‘There’s no doubt that living with someone who has a gambling problem is tough, especially if they

don’t want to give up control of the family finances and assets,’ says Luna. ‘But even if you have

fight to put some of these steps in place, it’s absolutely vital that you do – your family’s financial

future could very well depend on you having the strength to take control now.’


Want to arrange an interview?

Wilson Luna is founder of Your Family Your Money, Australia's fastest growing money brand -

registering over 80,000 members this year alone. He can be contacted directly for interview or

comment on 0425 311 444 or at

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