6 in 10 Millennials think winning the lottery is a good retirement strategy

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by Dr. Eowyn

Millennials, aka Generation Y, are those born in the early 1980s to early 2000s.

According to a new survey conducted by Stash, approximately 40% of U.S. consumers—and nearly 6 in 10 Millennials—say winning the lottery could be a good retirement strategy.

Stash partnered with Propeller Insights for the online survey of 1,156 respondents in March.

Stash defines Millennials as people who are currently between 22 to 37 years old. The survey found that:

  • 59% of Millennials said winning a lottery jackpot is a reasonable way to retire.
  • 76% or more than ¾ of Millennials said they live paycheck to paycheck, which means they haven’t built up the recommended emergency fund that can help cushion the blow for unexpected life events that cost money, such as unexpected medical care, car repairs, or losing your job.

In a statement, Stash’s co-founder and CEO Brandon Krieg points out the obvious: “Playing the lottery may be fun, but it’s the opposite of a safe bet. Instead of crossing their fingers and hoping their lottery jackpot dreams come true, people can take concrete steps to improve their finances.”

The survey also found that:

  • More than one-fifth (22%) of survey respondents said they plan to spend their retirement working a part-time job.
  • 4% said they will move to another country to find cheaper living abroad.
  • 4% said they will depend on their children.
  • 3% said they will try to find a rich spouse to support them.

Brian Anderson of 401k Specialist reminds us that we stand a better chance of any of the following than we do of winning the lottery:

  • killed by a falling coconut
  • killed by a hippopotamus
  • killed by a vending machine
  • killed by an asteroid or meteorite
  • attacked by a shark
  • survive a plane crash
  • diagnosed with the plague
  • elected President of the U.S.
  • give birth to identical quadruplets
  • declared a saint

And why don’t Millennials save for their retirement?

Citing several studies of Millennials, Kari Paul reports for MarketWatch, May 25, 2019, that many Millennials don’t save because they believe there’s no point in saving because climate change will destroy our planet:

Some 88% of millennials — a higher percentage than any other age group — accept that climate change is happening, and 69% say it will impact them in their lifetimes. Engulfed in a constant barrage of depressing news stories, many young people are skeptical about saving for an uncertain future….

Mental-health issues affecting young adults and adolescents in the U.S. have increased significantly in the past decade, a study published in March in the Journal of Abnormal Psychology found. The number of individuals between the ages of 18 and 25 reporting symptoms of major depression increased 52% from 2005 to 2017, while older adults did not experience any increase in psychological stress at this time, and some age groups even saw decreases…. Millennials are also said to suffer from “eco-anxiety,” according to a 2018 report from the American Psychological Association, with 72% saying their emotional well-being is affected by the inevitability of climate change, compared with just 57% of people over the age of 45.

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