£100,000 windfall would be a life-changer, survey finds

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More people would consider winning up to £100,000 to be life changing than those who believe they would need to win more than £1m to change their lives, according to research undertaken by Halifax.

A dream holiday would be the first choice for over a third of people (37 per cent) to spend some of their winnings on, closely followed by spending it on family (30 per cent) and buying a new car (22 per cent).

In reality however, paying off debts (19 per cent) paying off the mortgage (16 per cent) and buying a new house (13 per cent) would be the first things that people believe they would actually spend £100,000 on if they were to win it.

Even if people had no other responsibilities, only six per cent said that they would resign from work if they won £100,000.

Richard Fearon of the Halifax says: “It’s clear that it doesn’t have to take winning a lottery jackpot to change people’s lives.

“Winning up to £100,000 enables people to maintain the normality of everyday life whilst removing some of the financial worries which, this research would suggest, can have a life changing effect in itself.”

Men would spend winnings on themselves more quickly than women, putting only their partner before themselves. Women however would spend first on their children then their partner, followed by close family and parents, before eventually buying anything for themselves.

Men would be almost twice as likely to save or invest their winnings (21 per cent) than women (12 per cent) whilst more women would opt to go on a dream holiday or spend their winnings on family (22 per cent) than men (17 per cent).

The lives of people aged 18-34 would change the most if they won up to £100,000, with more of this group (40 per cent) highlighting £100,000 as a life changing amount than any other age range. Once people reach 45, they are more likely to consider winning more than £1m as life changing (23 per cent) than £100,000 (18 per cent).

25-34 year olds are the most likely to pay off debts with their winnings (23 per cent) whilst paying off a mortgage is the preferred option for 35-44 year olds (27 per cent) and 45-54 year olds (24%). Respondents age 65+are the most likely to actually spend their winnings on family (23 per cent).

When asked who people would tell if they won £100,000, the most popular confidant was a partner (41 per cent) followed by close family (37 per cent) then close friends (29 per cent).

One in ten men would tell nobody at all if they won £100,000, with this figure dropping to six per cent for the number of women who wouldn’t tell anyone if they won £100,000.

The age group most likely to keep their winnings a secret is those aged 55-64 (11 per cent) whilst the least likely age to keep their winnings a secret would be those aged 18-24 (four per cent).