General Insurance Article - You have won GBP3m on the lottery what do you do next


You’ve finally won a life-changing sum of money after years of playing the lottery and crossing your fingers – but what would you do after getting the big pay-day? Ahead of the National Lottery’s 25th birthday (Tuesday 19 November), we asked 2,000 people who they would break the news to if they won a £3 million jackpot and found many were surprisingly secretive, with more than one in 10 (11%) saying that they would not tell anybody about their success.

 When it comes to their nearest and dearest, 12% of married people said that they would not tell their husband or wife. Over three-quarters (77%) of all adults would also hide the news from their friends while only a tiny sliver of the population (0.3%) said that they would want to share the news of their win with the press.

 “Millions of people in the UK enter the lottery each week in the hope of winning the jackpot that will set them up for life,” said Stephen Lowe, group communications director at Just Group, “our research shows that if they did win, many would keep their success a closely guarded secret. “As a nation, we tend not to be the best at talking about our finances and it appears this even translates to jackpot joy.

 Even if it is tricky, it is important to have conversations about money, particularly within couples, to strengthen relationships and to help plan for the future. “On a more fundamental level, the survey also poses the question of how people think they would be able to keep £3 million a secret from their partner!” People’s anticipated response to winning the lottery gives us a glimpse into how people feel about working.

 Almost half of all workers (49%) stated that they would quit their job, rising to two-thirds (64%) of those over 55. More than a fifth (22%) said they would carry on working but change career to try something different. Overall, only one in five of people would stay in their current job. Less than one tenth (9%) of people said that they would consult a financial adviser if they won the jackpot, despite the invaluable support they can provide to clients faced with momentous financial decisions.

 “Quitting your job or splashing out on major purchases could be life-changing decisions,” said Stephen Lowe. A huge lottery jackpot – or a big chunk of money from a pension when they reach that stage of life – may seem big enough to make impulsive purchases but there is a need for some consideration.

 “Take stock of the situation, take time out to receive some professional financial advice as it could help to avoid a decision you might later regret. Receiving professional advice can help people to understand the options that are available to make any windfall grow and last – and to have the confidence to spend.”  

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