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

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.

See also:

~Eowyn

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Watertender
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Watertender

These are some of the same people that think winning a lawsuit is a path to wealth.

William
Member
William

You mean to tell me that playing the lottery is not a good retirement strategy? I’d better rethink mine. Math and probability were never my strong suits. I can probably rule out marrying a wealthy spouse at this point. I probably have a better chance of, say, being killed by a falling coconut. So I guess my retirement strategy is to survive. And survival, as Creek Stewart says, is easy – just don’t die. Those poor millennials sure do get all twitipated about “climate change” though. A couple of warm days and they say “It’s the hottest year EVAH!” What… Read more »

Alma
Member
Alma

Will they ever grow up and become useful? As for winning the lotto (hahaha) could it be a good retirement strategy? Bunch of lazy asses, get up from the basement and earn a living, FIND A JOB, instead of sucking up and getting a FREE ride, it doesn’t work!!!

Auntie Lulu
Guest
Auntie Lulu

. . . and to think that the day will come when folks from this demographic will be in charge of the country . . . . . Hopefully, I won’t be around to see what happens then.

Highsider
Guest
Highsider

Wow….if you think that downhill sidewalk turd surfing is a great sport in Dem run big cities now, wait till these people get old!

DCG
Editor

This is sad. I think the news and social media is seriously damaging our youth.

apstemp
Guest
apstemp

I remain skeptical about these types of stories. Of course, winning the lottery would easily provide for retirement. But what was the exact question? What would the answer have been if the question was about “playing” the lottery, rather than “winning.”

Lophatt
Member
Lophatt

I think joining the Scientologists provided better odds for the future. After all, hard to argue with a billion-year contract and the chance to fight space aliens in a volcano.

Grif
Editor

Regardless of the reasons, there can be no doubt that we have created a generation of blathering idiots who will fall for anything they hear twice on TV or read on social media.

Anonymous
Guest
Anonymous

Millennials are idiots who a got a trophy for breathing in school.

YouKnowWho
Guest
YouKnowWho

I’ve got a few years left to live. More than less I would hope. But mellineials have a lot longer to go. Too bad that they’re believing the gloom and doom espoused by globalist MSM. Maybe they should just end it now. At least then they won’t be contributing to the end of the world. Hope their rotting carcasses don’t produce too much greenhouse gas.