According to a recent survey conducted by MyVoucherCodes, buying a house would be the first purchase for approximately one-third of Brits if they were to win the lottery. The voucher code site sought to understand the nation’s financial priorities by asking respondents what they would buy first with a £2 million lottery win. The results revealed that 30% of participants would choose to invest in a home, making it the top priority on the country’s wish list.
Interestingly, buying a house was particularly popular among millennials, with more individuals from this generation selecting a home as their first purchase compared to any other age group. This inclination may indicate millennials’ concerns about affordability in the housing market.
The second most common response, chosen by 21% of participants, was giving some money to friends and family, demonstrating the caring nature of many Brits. However, sharing the wealth was less of a priority for millennials, with only 9% selecting this option, compared to 12% of Generation X and a significant 49% of the silent generation.
Other popular choices included paying off debt (16%), going on a holiday (15%), investing some of the winnings (7%), buying a car (4%), donating to charity (3%), throwing a big party (2%), and purchasing new gadgets (1%).
The survey also revealed that women would be more generous with their lottery winnings compared to men. A quarter (25%) of women would give money to friends and family as their first spend, while only 17% of men chose this option. Additionally, slightly more women (3%) prioritized donating to charity compared to men (2%). Women were also marginally more likely to kickstart their lottery winnings with a big party.
Sarah-Jane Outten, savings expert at MyVoucherCodes, highlighted the significance of understanding consumer desires and needs on a broader scale for businesses. While winning the lottery may be a rare occurrence, finding ways to stretch a limited budget and making desirable purchases more affordable can provide individuals with a sense of financial victory.
The survey was conducted by YouGov and included 2,000 UK adults randomly selected across various demographics on May 18, 2023. All statistics mentioned in this report were sourced from the survey.
