What Would You Do With $1,000,000?
This entry was posted on 2/28/2008 11:43 AM and is filed under wealth marketing.
February 28, 2008: According to a recent nationwide e-mail survey of consumers
conducted by Compass Bank, winning $1 million may not lead to frivolous
spending on furs or hot rods or trips to Vegas for gambling, but
instead to a more conservative approach. For example, according to the
survey, 48% of respondents would pay off debt with their
million-dollar prize winnings, while 24% would invest it all.
However, bucking the conservative trend, 24% of survey
participants did admit that they would buy a new car, a new house, a
new boat and take lots of vacations.
"While winning a million dollars might seem like a windfall to most
of us, those who are lucky enough to win a prize such as this actually
have to make some tough decisions to ensure that the prize turns in to
an investment for their future," said Shelaghmichael Brown, executive
vice president and head of Compass Bank's Consumer Finance Division.
"This survey shows that many consumers who would receive a financial
award...would make sound decisions to ensure
that they realize full value from the money."
In addition to being asked what they would do if they won a million
dollars, Compass Bank asked survey participants to weigh in on whom
they would communicate the good news to. An overwhelming 79% say
that they would only tell their immediate family and close friends,
with merely 15% responding that they would not tell anyone of
their good fortune.
While some survey respondents would take lots
of vacations, most would continue working. In fact, 41% of those
surveyed responded that they would continue to work until they reached
retirement age, while 38% would start their own business.
However, there is a small percentage, 20%, that would call
in sick the next day and never return to work.
Source: Compass Bank
