After years of dreaming about luxury cars, overseas holidays, and dream homes, most Australians who win the lottery are doing something far less glamorous with their newfound fortune — investing it. New research from The Lott has revealed that the majority of lottery winners are using their prize money to secure their financial future rather than splurging on extravagant purchases.
Winners Prioritize Financial Security
The study found that 72 per cent of winners invested at least some of their winnings, a 17 per cent increase compared with the previous year. The Lott spokesperson Matt Hart said while that can sound a little “dull,” the findings are a sign of the times, with many winners choosing practical financial decisions over lavish spending sprees.
“People are really thinking about this as a once in a lifetime opportunity to get ahead,” Hart told Sunrise.
Common Uses of Prize Money
Paying off mortgages and helping family members were among the most common uses of the prize money, with winners focused on reducing financial stress and creating opportunities for loved ones. Some celebratory purchases were revealed to be far more modest than expected.
“Someone said they splashed out on a bag of prawns to celebrate. Someone bought a robot lawnmower,” Hart revealed.
Sharing the Wealth
For some winners, it was all about sharing. One winner used part of her winnings to help her son and daughter-in-law establish themselves financially, joking she hoped the gesture might eventually result in a grandchild. In another remarkable example, another winner gifted each family member $5 million.
But while many chose to share the wealth, nearly one in 10 winners chose to tell nobody at all. “They must have just kept that excitement inside,” Hart said. “So, you never know, someone you know could have won the lottery — they just haven’t told you.”
Advice for Future Winners
The past winners encouraged future jackpot recipients to stay calm, think long term and seek professional guidance before making major financial decisions. “Believe it, enjoy it, realise how lucky you are and pay it forward somehow,” one winner advised.
