Gambling on future financial security

January 1, 2005

In Britain today some 16 million adults choose to dream of becoming a millionaire over putting money aside for the future. Latest consumer research from MINTEL finds that a surprising one in three adults (33%), or approximately 16 million people, prefer to spend £5 a week on the Lottery hoping to become a millionaire rather than depositing it in a high interest savings account. ” As the finance industry strives to improve its reputation and ensure that customers are adequately protected, some people still seem more willing to gamble than to steadily build up a nest egg of cash savings. So, it seems, that a significant number of people still lack confidence in the financial services industry. This is especially worrying as many are now having to take greater responsibility for their current and in particular future financial health, ” comments Paul Davies, Senior Finance Analyst at MINTEL.

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