Millennials would put $100,000 windfall on the home

Millennials would put $100,000 windfall on the home

What would you do if all of a sudden you were $100,000 richer thanks to an unexpected windfall? Go on that world trip you’ve been promising yourself for years? Buy a new flash car?

Well, if you’re a Kiwi millennial – someone aged between 18 and 34 - you’re likely to be more thrifty, loyal and generous than your fellow citizens when it comes to a lucky win.

That’s according to a new survey comparing millennials with New Zealand’s Gen x, Gen Y and Baby Boomer citizens.

Respondents were asked what they would do if they struck it lucky with a $100,000 cash win. And wouldn’t you know it? In three clear instances the youngest age group surprised with comparatively conservative opinions on how they would spend their windfall.

For example, who would have guessed NZ millennials have a thrifty side? They are more likely to spend most of their prize money to pay down their mortgage or put a deposit on a home (59 per cent). That’s in comparison with NZ Gen X and Baby Boomers among whom less than half the number of respondents (49 per cent) would do the same.

Interestingly, a similar survey in Australia revealed its Gen X and Baby Boomers would be more likely to spend the money on a holiday. Would that have anything to do with their current economic woes do you think?

And like Dave Dobbyn, NZ millennials also appear to be more loyal. A majority agrees they would not quit their job even if they won $100,000 (74 per cent) in comparison to NZ Gen X and Baby Boomers at 62 per cent.

Revealing their generous side, NZ millennials are also more like Bill Gates than Uncle Scrooge. They’re more likely to donate to their friends (21 per cent) in comparison to NZ Gen X and Baby Boomers (15 per cent).

On the other hand, NZ millennials are more likely to say $100,000 would change their life ‘very and extremely significantly’ (75 per cent). Among NZ Gen X and Baby Boomers, only 55 per cent would think of a big win as something transforming the way they live.

Subway, in partnership with Coca-Cola, is giving customers the opportunity to win $100,000 this summer so they can live fresh for a year in 2017. The survey was designed to establish what the drivers would be behind how people spent the bonanza.

“Who says you can’t have smashed avocado every day and pay off your mortgage too?” says Subway’s Ben Miles. “But would you quit your job? The answer is probably no.”

Nearly 70 per cent of the overall New Zealand population would rather stay put in their jobs. “To me that demonstrates they would prefer to use the extra cash to maintain their lifestyle, and only four per cent say they would definitely quit their jobs if they won the money,” Miles says.

Other key findings include:
NZ Gen X and Baby Boomers are more likely to invest towards their retirement (16 per cent) in comparison to NZ Millennials (two per cent)
Investing towards retirement is not that high on the priority list for Kiwis – only eight per cent of those surveyed picked that as an option, less than the 11.4 per cent who would take an overseas holiday.
Around 20 per cent would not donate any of the prize money.

As part of the promotion, Kiwis are encouraged to go into any Subway store and purchase a sub, wrap or salad and any drink from the Coca-Cola range to go in the draw to win the major prize of $100,000.

There are also weekly prizes with $500 vouchers being given away throughout the promotion for experiences, travel, shopping and more. “Here’s a great opportunity for customers to eat up, drink up and live it up,” says Miles.

The promotion runs until 15 January 2017 and the major prize is being drawn on 16 January 2017. The $500 vouchers are drawn every week, just in time for the New Year to get off to a great start.

Ends

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