According to the Responsible Gambling Council, Baby boomers involved in "problem gambling" could be headed for financial trouble as they enter the retirement age.

While in their hay days of 20s and 30s gambling does not pose as much a problem as it does when age begins to take its toll and chances of recovering the money lost in gamble becomes bleak said Terry Finn, chairman of Ontario's Responsible Gambling Council.

"When you have most of your work life ahead of you, you're more likely to recover from the loss," he said. "I know from firsthand experience, at 49 or 59, recouping your life savings just got a lot harder. When you are 60 and older, the challenge is even greater."

From March 1, commences the problem gambling prevention month, and this year the council will try and educate aging boomers about risks involved in gambling.

According to Jon Kelly, CEO of the council, "Retirement is a time of transition," which leaves them with much time on hand and makes them fall prey to the habit of gambling.

Council figures supported by independent surveys show that by 2020 about 95,000 Ontario residents over the age of 55 will be problem gamblers.