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LOTTO-TIPS #41
What Lotto Winners Buy

Ever wondered what lotto winners spend their money on?

Ever pondered whether money will change you, or your relationships with friends and family?

I think the fascinating results of this survey this will surprise you.

Camelot, the British lottery organisation, did a survey of 65 Lotto winners who won over £1 million (that's about US$1.19million, or Canadian $1.57million), to find out a bit more about their spending habits.

The full press release can be found here...
... but here are the main parts of the survey. They include whether money can buy you happiness, what winners do in their spare time, if they lose weight after a win, where they spend their vacation and whether they stay married.

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But are they happy?
Contrary to popular belief around 70% of Lotto winners say that they are happier now than before their win. 28% of winners say that they are just as happy as they were before the win. The amount won does not seem to make a difference to the levels of happiness experienced. Those who have won £1 to £3 million are just as happy as those who have won more than £3 million. The main reasons for the increase in happiness are having greater security and no money worries, (57%), they can buy what they like, (28%) and being able to look after their family and friends, (12%).

What do they do with all that spare time?
Winning the Lotto does not tend to make winners take up new hobbies. Of those who do take up a new hobby the majority play golf, (25%). The more bizarre hobbies include Scuba diving, clay pigeon shooting and sponsoring a motor bike racing team.

What have they spent their money on?
Purchases immediately after the win include a car, (34%), new clothes, (11%) and jewellery, (11%). Some winners have made rather odd choices with their new money. Immediate purchases include a pushchair, a fan belt for their mother's car, a mobile home and a new bed for the dog!

One kind hearted winner commented in the survey:
"I bought two briefcases and then went to the bank and took out £175,000 which I shared with my boss and work colleagues".

As expected, the most expensive single purchase was a house, (77%), followed by a car, (14%).

The shopping list of luxury items bought contains a few surprises. Some of the more unusual purchases include:
1. Swimming pools/ outdoor spas
2. Luxury cars/ sports cars
3. Horses and race horses
4. Pets and pet equipment
5. Rare coins and banknotes
6. A flight with Leeds United to Madeira for a football match
7. Hastings Town Football Club
8. An operation to have their ears pinned back
9. A power hose!
10. A pair of flowery toilet seats at £100 each

Most winners have given up to 30% of their winnings to their family and up to 10% to their friends. Ray and Barbara Wragg from Sheffield have given away over £5 million of their £7.6 million winnings to friends and family and a variety of charities.

Have they given any money to charity?
Two thirds of the winners have given between 1-10% of their winnings to charity. Interestingly, men tend to be more generous and give away more of their winnings than women. 13% of men had given more than 10% of their winnings away whilst the survey reported that no women had given this much away.

Where do they live?
A large number of winners have moved house since their win, (71%). This figure is a significant increase from the survey in 1999 when only 53% of winners had moved. Winners tend to want to live near their friends and families and not move too far away. They move an average of only 14 miles away from their previous home, with 59% of Lotto winners living between 0 to 5 miles away.

The majority of winners, (93%), have moved to a detached home with an average of four bedrooms. One fifth of those interviewed own property abroad, with Spain, France, Greece and USA being popular destinations.

What cars do they drive?
After the win 27% of jackpot winners bought a brand new BMW, 21% bought a new Land Rover and 19% bought a new Mercedes Benz. The top ten cars bought after the win are as follows:
1. BMW
2. Land Rover
3. Mercedes Benz
4. Porsche
5. Ford Escort/ Focus
6. Other Jaguar
7. Jaguar S-type
8. Ford Mondeo/ Sierra/ Cortina
9. Other Ford
10. Peugeot

Have they given up work?
After winning the jackpot a third, (31%), of Lotto jackpot winners still work. Of those winners who still work, 59% have got a new job. 60% of winners who are still working but in a new job have started their own business.

Where do they go on holiday?
A recent survey from The Office of National Statistics, 2002, shows that Spain is the most popular destination for UK residents travelling abroad on holiday, with France, U.S.A., Greece and Ireland not far behind.

89% of winners have been overseas on holiday since their win. They tend to travel further afield to more glamorous places with the Caribbean, Spain and America being favourite destinations. Before the win over a quarter of the winners spent their holidays in the UK.

The top ten destinations for jackpot winners are as follows:
1. Caribbean
2. Spain, Majorca, Minorca/ Ibiza/ Canary Islands
3. USA
4. Italy
5. Cruise
6. Australia
7. New Zealand
8. Thailand
9. The Far East
10. Scotland

Interestingly, ABTA/ MORI research conducted in October 2000 asked, "If money were no object, where would you like to visit on holiday?" An overwhelming 22% of UK residents responded with Australia and 11% with the U.S.

Have their relationships changed with their friends and family?
Contrary to reports in the media 95% of winners who were married before the win are still married to the same person. 93% of winners still have the same best friend as before the win.

Have they put on any weight since the win?
42% of Lotto winners have gained weight since their win. This gain in weight seems to reflect the more sedentary lifestyle caused by giving up work, eating out more frequently and drinking more alcohol! 48% of Lotto winners have stayed the same weight since their win and 11% have lost weight since their win.

Do they still play?
Despite their win, most winners continue to play and many are hopeful of coming up trumps again. 82% of jackpot winners still play the Lotto every week and around half use the same set of winning numbers. 21% are very confident they will win another large amount again.

Andrew Oswald, Professor of Economics at Warwick University commented on this latest survey:
"This new survey is consistent with the latest statistical evidence gathered by economists and psychologists. A large windfall of money produces higher levels of happiness and better psychological health. The scientific evidence suggests that this is probably because of the greater amount of control that it gives people over their lives; it is not directly because of the extra possessions they can buy.

"Cash in the bank equals security, and human beings thrive on security. The typical lottery winner behaves sensibly. The idea that a lot of money will ruin your life is simply false.

"Some of our evidence shows that part of the psychological benefits wear off. Consistent with common sense, the immediate euphoria from a win dampens down. But the latest research suggests that there are very long lasting psychological gains from a financial windfall.

"This new survey also reinforces a discovery made over the last few years by economics researchers. It is that those who receive windfalls, whether from inheritances or from sources like the lottery, are much more likely to set up their own businesses later on in life. Windfalls of cash stimulate entrepreneurialship."

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So there you are... start planning to win, because the news is all good!

Warm regards,
Ken Silver
"Helping Lotto Players Become Winners"
Honest Lotto System founder, since 1991

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