Overnight millionaire: How would you spend it?

Money 2019-7-4
Overnight millionaire.jpg

How would Brits spend their money if they won the lottery?

We’ve all dreamt of winning the lottery and becoming a millionaire overnight, but if that dream became a reality, how would you spend the money?

We recently polled the nation to find out how British people would spend their winnings, and whether they would give any away to friends and family.

Sharing the winnings?

Shockingly, we discovered that less than one in ten (8%) UK adults would be willing to give their parents a share of the millions ahead of anyone else. It is particularly surprising, considering that more (13%) people would spend the money on a whole new wardrobe.

Our research revealed that overall, perhaps we’re not all as generous as we think we are, with one in twenty (5%) admitting that they wouldn’t give anyone a penny!

When it comes to sharing the funds with loved ones, and donating to charity, it is the older generations that lead the way. With charitable donation figures having dropped for the first time in four years, it is encouraging to see that donating to charity appeared within the top ten things people would spend their millions on.

The kids are alright!

Most of us would assume that after receiving such a substantial amount of money, our top priority would be to give some to our children, however, our research showed otherwise. Less than one in five men (18%) and a quarter of women (25%) would think of their offspring first when sharing their millions.

Spending away

When it comes to actually spending the winnings, more than half of us would buy a new house (54%) and 44% would pack their bags and go on the holiday of a lifetime.

The top ten things people would spend their overnight millions on are:

  1. A new house (54%)
  2. Sharing it with loved ones (45%)
  3. A holiday of a lifetime (44%)
  4. A new car (36%)
  5. A holiday home (25%)
  6. Investments (24%)
  7. Early retirement (20%)
  8. Donating to charity (19%)
  9. Technology (16%)
  10. A whole new wardrobe (13%)

Top tips

Even if you don’t have millions to look after, here are some top tips to follow to make sure you’re making the most of the money you do have:

  1. Budget

One of the best ways to keep on top of your finances is by creating a budget (and sticking to it). There are numerous tools and templates available online to get you started, just make sure you factor in every outgoing, and leave room for unexpected costs. Keeping track of your monthly budget will allow you visualise where you’re able to treat yourself, and where you really need to cut back.

  1. Prioritise

There’s always something on our wishlist, but what do you actually need? Make a list of all your financial priorities, such as paying off your mortgage, much needed home renovations, saving for that dream holiday and paying off debts, and make sure these are factored into your budget so you’re able to keep on top of your monthly payments and move closer to achieving these goals.

  1. Invest

If you have some extra income available, why not make your income last even longer? Investing your money into businesses and the stock market could prove extremely profitable in the long run. Seek advice from experts to ensure your investment is as effectively managed as possible.

  1. Boost your savings

Make sure you’re topping up your savings pot to ensure that if anything crops up you’re able to cover yourself without concern. When receiving any unexpected income such as a tax rebate, or birthday gift, try to avoid splashing out and put it into your savings pot to move you closer to achieving those longstanding financial goals.

  1. Treat yourself

Of course, you are entitled to treat yourself to the nicer things in life, and it’s great to do this every once in a while, but just make sure you’re not going too overboard and factor all these expenses into your budget to ensure it won’t have too much of an impact before you go ahead and purchase.

Hitachi Hints and Tips is intended to be informative and interesting. It does not constitute financial advice, and you should always do further research when making any financial decisions. All information was correct at date of publication.

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