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How much would you need to win at Lotto to change your life?

Sat, Mar 25, 9:28am by Staff Writer

As the cost of living increases, so does the cost of living right.

So says the latest survey released by market research firm ReachTEL, after polling nearly 1,200 lotto players living in four Australian states.

Tatts Group, the primary lottery operator in Victoria, South Australia, Queensland, and New South Wales, contracted ReachTEL to track the happiness threshold of lotto enthusiasts as based on various hypothetical jackpot winnings.

The results were released on March 20 to correspond with the International Day of Happiness.

Asked how much money they’d need to win to ‘realise their dreams’, 30.4 percent of Australians reported a sum of at least AUD$10 million to be sufficient.

Given the option of winning ‘just’ AUD$1 million, 24.3 percent of respondents said the smallest possible seven-figure haul would be enough to make their dreams come true.

The percentage of Australians who would be content with AUD$2 million, AUD$4 million, or AUD$8 million jackpots stood at 15.4 percent, 13.3 percent, and 16.6 percent, respectively.

In a press release announcing the survey results, NSW Lotteries spokesperson Matt Hart commented on the wide range of priorities held by lotto players from all walks of life:

“From speaking to our million-dollar winners, it’s clear that everyone has a different and unique dream.

“For some, it’s paying off their mortgage and going on a Mediterranean cruise, while for others it’s that long overdue trip to the dentist and being able to go to the salon rather than colour your hair at home.”

Interestingly, in a similar study conducted by ReachTEL just six months ago, the majority of Australians reported that the AUD$1 million plateau was enough to accomplish long-held dreams.

Hart took notice of this apparent shift in attitudes regarding the relative connection between wealth and happiness:

“It’s surprising to see that in 2017 Australians’ dreams have suddenly become ten times more expensive to realise!

“Sadly, this survey suggests that Australian adults are feeling their dreams are a little more out of reach, perhaps because of concerns about the cost of living, the economy or maybe recent international developments.”

A second question posed to lotto fans presented a series of benefits expected to be enjoyed by recent winners, before asking which ‘do you think would bring you the most happiness?’

Exactly one-third (33.3 percent) of Australians reported that ‘being debt free / financially secure’ mattered most, which beat out ‘being able to help family and friends’ at 28.1 percent.

Next up was ‘feeling free to do what I want’ (13.8 percent), followed by ‘being able to retire early’ (9.9 percent), ‘being able to donate to charity’ (8.4 percent), and ‘being able to spend more time with family and friends’ (6.4 percent).

On a state by state basis, each locale polled on the first question saw its results align with Australia’s overall propensity for eight-figure jackpots.

Victoria had the highest number of residents requiring AUD$10 million (38.0 percent), which was significantly higher than South Australia (33.1 percent), NSW (28.6 percent), and Queensland (26.4 percent).

As for the second question on plans for a lotto windfall, the states were more diverse in their responses.

Over half (53.3 percent) of South Australians said they’d be happiest with financial freedom, while only 21.7 percent said helping friends and family, and just 5.8 percent listed charitable philanthropy.

Conversely, less than a quarter (23.9 percent) of Victorians would be happiest with personal wealth, well below the 29.9 percent who preferred assisting loved ones, and 10.4 percent who would donate a portion of their winnings.

Full results:

Table 1
Question:  Of the following, if you won the lottery, what would be the ideal windfall for you to realise your dreams?

$1 million 24.3% 21.6% 24.8% 19.2% 23.1%
$2 million 15.4% 15.8% 14.3% 15.8% 17.4%
$4 million 13.3% 13.7% 10.9% 15.8% 13.2%
$8 million 16.6% 22.6% 12.0% 20.7% 13.2%
At least $10 million 30.4% 26.4% 38.0% 28.6% 33.1%

Table 2
Question: If you won a major lottery windfall, which one of the following do you think would bring you the most happiness?

Feeling free to do what I want 13.8% 12.3% 13.8% 9.4% 10.0%
Being debt free / financially secure 33.3% 38.0% 23.9% 32.2% 53.3%
Being able to retire early 9.9% 11.6% 13.8% 11.2% 5.8%
Being able to spend more time with family and friends 6.4% 5.5% 8.2% 8.6% 3.3%
Being able to help family and friends 28.1% 26.7% 29.9% 26.6% 21.7%
Being able to donate to charity 8.4% 5.8% 10.4% 12.0% 5.8%

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