Monday 18 December 2017

Lottery winners 'carry on working'

Winners gather to celebrate the National Lottery reaching the landmark of 3,000 millionaires in the UK since its launch in 1994
Winners gather to celebrate the National Lottery reaching the landmark of 3,000 millionaires in the UK since its launch in 1994

Only 59% of millionaires who won the National Lottery gave up work straight after their life-changing windfalls, a new study has shown.

An analysis of spending and investment of the 3,000 lucky players who have become millionaires since the UK lottery launch in 1994 shows a far and wide impact.

Research discovered that an Audi was the most popular car among the 3,000; America was their favourite holiday destination and almost a third had a Jacuzzi at home.

The National Lottery released the study, analysed by forecasting consultancy Oxford Economics, to celebrate the landmark of making 3,000 millionaires since the game began.

The study reveals the winners have made a further 3,780 millionaires among children, family and friends.

They have bought 7,958 homes, 17,190 new cars and 300 caravans. Winners have started or supported 900 UK businesses employing 3,195 people.

It also discovered that 98% of winners' spending remained in the UK.

Perhaps most surprisingly, only 59% immediately handed in their notice at work; 19% carried on working, and subsequently 31% gave their time to do unpaid voluntary work.

Winners' spending contributed almost £750 million to the UK and generated more than £500 million in tax receipts for the UK Exchequer.

Andy Logan, co-analyst and author of the report from Oxford Economics, said: "The effect of a win spreads much further and wider than we anticipated. Not only does it transform the lives of friends and family, but each win has a measurable effect on the UK economy, especially with so much of it being spent in the UK. The use of each win creates a ripple effect across this generation and very often the next."

Press Association

Promoted Links

Today's news headlines, directly to your inbox every morning.

Promoted Links

Editors Choice

Also in World News