Financial speculation in Canada: prevalence, correlates and relationship to gambling

Abstract

ABSTRACT The purpose of the present investigation was to determine the prevalence, demographic profile, and correlates of financial speculation in Canada, with a focus on its relationship to gambling. In cooperation with Statistics Canada, a brief assessment of financial speculation was developed and included in the 2018 Canadian Community Health Survey (CCHS) and administered to 23,952 adults. The past year national prevalence of financial speculation was found to be 3.6%, with the province of Alberta having the only higher inter-provincial rate. Speculators were predominantly male, White, with a modal age of 30–49, and with higher educational attainment and household income. In terms of health indicators, they were more likely to be regular alcohol drinkers and occasional smokers, but to have better self-reported general health, mental health, and life satisfaction. However, the strongest multivariate predictor of speculation was higher frequency of gambling involvement. Speculators had higher levels of participation in all types of gambling (especially skill-based formats) with the exception of instant lotteries. This high level of involvement contributes to somewhat higher rates of problem gambling symptomatology. The present investigation confirms that speculation not only has a strong conceptual relationship to gambling but also a strong empirical relationship.