People often talk about how to win a lottery and how amazing it is when somebody won a jackpot. People also ask how the winners will spend their prizes but has there ever been a real search conducted to know how the lottery prize is spent in reality?

Since first established in 1994, the National Lottery has created 3,000 new millionaires and public was not really informed on what the lottery winners spend their money on. Recently, Camelot and the Oxford Economics have conducted a research to investigate the behavior of the lottery winners after winning the lottery and here is the report. 

How Does Public Expect Lottery Winners to Spend their Money?

Consciously or unconsciously, whenever a lottery winner is announced publicly, people will predict what the winners will do after the winning. According to the research, most people will expect that the lottery winners will change their lives dramatically after winning. Luxurious lives such as buying a new car, a new house, joining an exclusive club and quitting present work are the things that most people expect to be done by the winners. Most people even expect that lottery winners’ lives are turning into such a Rockefeller’s life afterwards.

In fact, not all of the winners are doing the things. During the 18 years of the National Lottery operation where there are 3,000 millionaires, only half of the winners spend their money on luxury. According to the research, more are still living their normal life in spite of the instant cash they get.

Property

Of all the winners taking the total £8.5 billions from the National Lottery, almost £3 billions are spent on property, which is good as it is considered as an investment. Most lottery winners, whose income in average is around £2.8m, indeed buy a house with their money.

 Investments for Future Income

The second thing that lottery winners spend their money on is prospective investment. Most lottery winners are trying to get a potential asset with the money they won so that they can get more income in the future.  According to the finance expert, it is a good thing to do which means that lottery winners have already planned the best for their upcoming life rather than spending the money on some useless things. Around £2 billions out of the total £8.5 billions is spent on this investment.

Share for the Family

The next most popular thing on which the lottery winners spend their money is the family. A lot of lottery winners care a lot about their family and people around them and this is such a good awareness. The money invested for the children’s education and saving is around £1.61billion while other family members and relatives take £1.17 billion from the total £8.5 billions of the National Lottery jackpots won during 18 years.

Donations

The National Lottery winners also contribute to the education in the United Kingdom. According to the research, the amount of money donated for the development of the education has reached around £750 millions while the tax generated from the lottery is around £500 millions.

Starting a Business

A majority of lottery winners (almost 60%) quits working after they win the lottery. This might not sound good as the prize will not guarantee the winners’ life forever. Luckily, most of the winners quitting their job have a good plan to start their own business using the money they just won. This business is also good for other people as it can employ more than 3,195 workers which means that it helps improve the economy.

From the data presented by the Camelot and the Oxfords Economics it can clearly be seen that lottery winners do not only spend their money on luxurious things. Lottery players plan their future well and they also care a lot about other people. It is a good fact to know and hopefully more lottery winners are getting wiser when spending the prize they won.