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Survey Reveals Brits’ First Purchase After Winning the Lottery: Buying a House

A recent survey conducted by MyVoucherCodes has shed light on the financial priorities of Brits in the event of winning the lottery. The survey asked participants what they would buy first if they won £2 million, and the results highlight that purchasing a home would be the top choice for nearly a third (30%) of respondents.

Among the different age groups, buying a house emerged as the most common selection among millennials, suggesting their concerns about housing affordability. The second most popular answer, chosen by 21% of participants, was giving money to friends and family, indicating a generous inclination among many Brits. However, sharing the wealth seemed to be less of a priority for millennials, with only 9% selecting this option compared to 12% of Gen X and a significant 49% of those from the silent generation.

Paying off debt (16%) and going on a holiday (15%) ranked as the third and fourth most popular choices, respectively. Investing the lottery winnings was chosen by 7% of respondents. On the other hand, buying a car (4%) and purchasing gadgets such as a new TV (1%) were lower on the list of priorities. Only 3% of participants would donate to charity as their first course of action, and 2% would kickstart their lottery spending with a big party.

The survey also highlighted that women tend to be more generous with their lottery winnings than men. A quarter (25%) of women surveyed would give money to friends and family as their initial expenditure, compared to 17% of men. Additionally, a slightly higher percentage of women (3%) chose to prioritize donating to charity compared to men (2%). Women were also slightly more inclined to celebrate their lottery win with a big party, with 2% selecting this option compared to 1% of men.

Sarah-Jane Outten, savings expert at MyVoucherCodes, emphasized the significance of understanding consumer desires and needs on a larger scale, as reflected in their lottery spending priorities. Outten also highlighted the importance of finding ways to stretch a limited budget and make desirable items more affordable, suggesting that voucher codes can be a valuable tool in achieving this.

The survey, conducted on 18 May 2023, involved 2,000 UK adults and was randomly selected across various demographics.

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