State Lotteries Dropping in Popularity
December 26, 2008 by Miranda Marquit
Filed under Finance
There is an interesting trend happening right now: State lotteries are declining in popularity — and revenue. Lotteries are generally considered recession-proof, since many people use them as a sort of alternative “financial planning” mechanism. After all, it’s only a couple dollars a week, right? (Here’s a post on how much wealth you could accumulate if you saved instead of bought a lottery ticket each week.)
At any rate, this is just more proof, I hope, that Americans are starting to look at their spending and saving habits and make some changes for the better. If anything good comes of the current financial crisis and recession, it will be that some Americans will do some introspection and change the way they think about money.
Do you think that this recession is causing people to re-evaluate their personal finances?
“Do you think that this recession is causing people to re-evaluate their personal finances?”
Yes, but only because they must. If credit becomes cheap and easy to get again, most people in debt now will just run up their debt even more.
There are, of course, a few exceptional people who actually learned a lesson from this economic collapse. Most didn’t, though, and they’ll never get themselves out of the holes they’ve dug.
You make a valid, albeit somewhat depressing, point, devil! It is true that many people have been compelled to reconsider their habits. It would be nice if this resulted in a long-term change in how we view money. Also nice: If our leaders actually encouraged us to participate in activities that were good for our personal finances.
Oh I hope so! I know a lot of people will do as Devil predicts, but a few will alter their habits for good. It’s probably most affecting those who are already responsible – reinforcing good habits and creating awareness to be even more careful to save for times like this!
I think that you are right, Lela, that — for now at least — many people are re-evaluating and reconsidering their current habits.