I think the Bankrate study fails the test of common sense. It reports that the portion of household income spent by folks self reporting an income of less than $30,000 as 13% on lottery tickets, 11% on alcohol, 13% on tobacco and 4% on gambling. This totals 41% Doesn't leave much income for food, clothing and shelter. More likely that people self reporting are bad at math...
I think the Bankrate study fails the test of common sense. It reports that the portion of household income spent by folks self reporting an income of less than $30,000 as 13% on lottery tickets, 11% on alcohol, 13% on tobacco and 4% on gambling. This totals 41% Doesn't leave much income for food, clothing and shelter. More likely that people self reporting are bad at math...
Probably true, but also probably directionally correct. Thanks for reading.