A lottery win of $10 million isn’t enough for most Americans to stop working.
In an August Gallup survey, only 31% of the 1,039 adults surveyed would quit their part- or full-time job if they hit the jackpot.
Given how often you read about lottery winners who end up going bankrupt because they’ve mismanaged their newfound wealth, these might not be the worst financial survey results we’ve heard.
The number is higher than in Gallup polls between 1997 and 2005, when the question was last posed.
But many American workers went through a lot in that eight-year gap, and perhaps the reason is that they know the value of a good job and a steady paycheck, as well as how quickly funds can be depleted when you don’t have either.
Another possibility for maintaining status quo: the “perceived value” of $10 million isn’t what it used to be, according to Gallup:
“Given that most big prizes are distributed over multiple years or are reduced if taken as a lump sum, and are heavily taxed, some workers may simply think they still would need to work in order to meet their financial goals, even after winning that amount. It’s also possible that inflation has lessened the perceived value of $10 million.”
Even if you kept working, socking a good portion of that $10 million away in investments would provide for a worry-free retirement.
Who doesn’t want that?
The demographic most likely to up and quit were those age 55 and older. This makes sense for that 49%, given that retirement is right around the corner anyway.
Surprisingly, the majority of those surveyed – 44% – would keep their current job.
More surprising, leading that decision at 46% were 18- to 34-year-olds, a group not known for staying put for too long in a position, even without millions in their bank accounts.
That age group is also the most likely to switch jobs, at 36%, and the least likely to stop working altogether, at 18%, if they held a winning lottery ticket.