A recent survey conducted by MyVoucherCodes has shed light on the financial priorities of Brits if they were to win a £2 million lottery jackpot. The results highlight that buying a home would be the first purchase for nearly a third (30%) of respondents, placing it at the top of the nation’s wish list.
Interestingly, buying a house was especially popular among millennials, with more of them selecting it as their first purchase compared to any other generation. This may indicate that millennials are particularly concerned about their ability to afford a home.
The second most common response, chosen by 21% of participants, was giving money to friends and family, emphasizing the generosity of many Brits. However, this priority was less prevalent among millennials, with only 9% selecting it as their first spend, compared to 12% of Gen X and a significant 49% of the silent generation.
Paying off debt (16%) and going on a holiday (15%) ranked as the third and fourth most popular choices, respectively. Investing money (7%) was also a consideration for some respondents.
On the other hand, buying a car (4%) and purchasing gadgets such as a new TV (1%) were not high on the list of priorities. Similarly, only 3% would donate to charity as their initial action, and 2% would kick off their lottery spending with a big party.
The survey also revealed that women were more likely to be generous with their lottery winnings compared to men. A quarter (25%) of women would choose to give money to friends and family as their first spend, compared to 17% of men. Additionally, slightly more women (3%) than men (2%) would prioritize donating to charity. Women also showed a slightly higher inclination towards starting their lottery-winning spending with a big party.
Sarah-Jane Outten, savings expert at MyVoucherCodes, commented on the survey findings, stating that contemplating what one would buy after winning the lottery can offer insights into personal priorities. It also provides businesses with a better understanding of consumer desires and needs. Outten suggested that even in more realistic scenarios, finding ways to stretch a limited budget, such as utilizing voucher codes, can make desirable items more affordable and create a sense of winning.
The data for this report was collected through a YouGov survey of 2,000 UK adults conducted on 18 May 2023. The respondents were selected randomly across various demographics. All statistics were sourced from this survey, unless stated otherwise.