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Millennials more likely to choose income for life than lottery win!

Millennials more likely to choose income for life than lottery win!

Surprising research released on the launch of a new National Lottery game shows that Millennials would prefer to have an income for life than win the lottery! The younger generation - those aged between 18 and 34 - would opt for a weekly income of £1,000 for the rest of their lives, instead of taking a £1m lump sum jackpot.

As tickets went on sale for the National Lottery’s new game, Set for Life, this month, it became clear that younger players would prefer the security of a steady income than a big prize. Older ‘baby boomers’, on the other hand, would plump for the jackpot, showing a stark contrast between the generations in attitudes towards money.

Offering wins of £10,000 a month for 30 years, Set for Life is designed to appeal to a different type of lottery player - and, based on the research carried out by specialist financial firm Just Group, a new generation is certainly emerging.

Of the 2,000 people asked whether they would prefer a lottery win of £1m, £1,000 a week for life or a mix of the two, more than half (53%) of those aged 55 and above said they would like the lump sum. Just one in 20 (5%) chose the £1,000 income for life, while 42% would prefer a mix of the two.

Millennials, however, were four times more likely (19%) than the baby boomers to want the regular income. Less than four in 10 (37%) would choose the lump sum and 44% would opt for a mix of the two.

Just Group communications director Stephen Lowe said: “It’s clear that while some people want the big cheque with lots of zeroes, others prefer the idea of a regular, guaranteed income. Younger people have to balance the immediate financial freedom given to them by a £1m windfall against the long-term security offered by £1,000 a week for the rest of their life.

“What’s just as interesting is the appetite for a mix of lump sum and regular income, with more than four in 10 of both age groups wanting a mix. Whatever age, we all seem to see value in knowing we have the income to pay the bills – even if the worst happens – and perhaps Camelot is missing a trick by making these games either/or rather than allowing a combination of the two.”

Four in 10 of those surveyed said that they would use a win to help family and friends, with a similar number saying they would either spend it on luxuries, such as a car or renovations (39%), or use it to go travelling (39%).

Here at ActiveQuote, we can’t offer our customers a lottery win but we can offer financial security if life events conspire against you! Income protection enables you to continue to pay the bills should you be unable to work for a spell, either through involuntary redundancy or sickness or accident. To find the right policy for you, compare income protection prices online today.