WHAT DO LOTTERY WINNERS REALLY SPEND THEIR MONEY ON?
Everyone has a bucket list for if, or when, they finally win the lottery, so what’s on yours? Supercars, holiday homes and mansions probably feature high up on most people’s wish lists, but have you ever wondered how this compares with the reality of lottery winners’ decisions?
A leading online retailer conducted research into lottery winners’ spending and revealed that in actual fact our fantasy purchases rarely live up to our reality. The average lottery winner actually choses to spend his or her first million on every day household items such as a new washing machine or even a sofa.
The survey researched the first three purchases made by more than 50 lottery winners within the first ten days of their prize being deposited into their accounts. The results suggest that immediately after winning, lottery winners will purchase essential items or possibly even high street clothing that they might have held back on recently.
The majority of first purchases were every day gadgets and budget fashion items as well as household appliances, despite the minimum winning of those surveyed being more than £1 million. Since these results that been published, there has been much talk in the psychology field as to the thought processes of lottery winners, and Middlesex University Principal Lecturer in Psychology Mark Coulson said that he wasn’t surprised in the slightest.
“However much we might dream of winning the lottery, very few people actually believe it will ever happen to them,” he said, explaining that although extravagant items such as a mansion or a luxury sports car might be financially affordable, they are not yet psychologically affordable. “These things exist in an unfamiliar world – the world of the rich,” he continued.
The three most popular purchases for lottery winners begin with a new washing machine at number one, closely followed by Britain’s favourite household object – the sofa. Following that, the third most popular item that lottery winners buy is an Apple iPad, which almost a fifth of winners said they bought within the first ten days.
Other everyday items included make-up, vacuum cleaners, TVs and even a fridge freezer, but holidays and new luggage do feature in the top 20. So, would you know how to spend your millions? Or would you treat yourself to a new iron before going crazy?
The EuroMillions estimated jackpot for tonight, Tuesday July 1st, is a whopping £25 million. Buy your lottery tickets online at Lottery24.com and find out.