Many people have been given a large cash injection in the 25 years of the National Lottery and most UK adults don’t think about financial advisers if they became a millionaire overnight.
Ahead of the National Lottery’s 25th birthday (Tuesday 19 November), Just Group surveyed 2,000 Brits about their actions if they won a £3m jackpot.
Less than one-in-10 (9%) 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.
“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,” said Stephen Lowe, group communications director at Just Group.
“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.”
Secrecy
The survey found 11% said 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%) 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 Lowe. “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.”
Jobs
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.
