What would you do with a lotto win?

July 29, 2014 Off By Laura TMOT

Hannah is a mum of two and part time blogger. When she’s not running around
after the kids she loves writing, walking her dog, Sid, and going on the odd
shopping spree. Like most of us, she often imagines what it would be like to win
the lottery; a new car, new house and all the shopping trips she could want! We
can all dream!

Whenever you buy a lottery ticket, you can’t stop yourself from having those few moments where you day dream about how you’d spend the jackpot if you happened to win it. Most people would probably have similar thoughts about splashing out on luxury travel and holidays, buying or building their dream house and treating everyone they know and love to some special treats.

In one of Euromillions most recent draws, the jackpot was won after six rollovers, so one lucky ticket holder won an astonishing £53,758,144.00. The mind boggles as to how one person could spend that amount of cash, not to mention the next October Superdraw which will deliver a starting jackpot of £80 million.

However, according to psychologists, people who win the lottery don’t always plunge into spending their new cash straightaway and don’t always seem to be as thrilled as you’d imagine about their win. The reality is that a big and unexpected win can leave people feeling stunned and shocked as they realise that they’ve just been through a life-changing event. There’s also a sense of apprehension that their relationships with friends and family will be altered by the win.

So, although you’d imagine that the first thing a winner would do would be to go out and spend their new disposable cash, in fact, some of the early purchases following a lottery win seem to be very modest ones. According to a survey carried out by pixmania.com, which looked at the first three purchases made by lottery jackpot winners in the 10 days that follow their win, far from spending out on luxury items, people tend to buy necessity items such as a new household appliance or some budget fashion clothing. It’s as if it takes time for winners to come to terms with their new wealth – the big spending only kicks in a few months later.

Of course, there are always exceptions to the rule, and it seems that the younger the winner is, the less reticence there is about spending. But you’d imagine that those who spend quickly will also see their prize money disappear more quickly than those who spend time mulling over what to do with their new fortune.

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