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%).
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