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 according to a new survey comparing millennials with New Zealand’s Gen X (35 to 49), Gen Y (50 to 64) and Baby Boomer (65 and older) citizens.
Respondents were asked what they would do if they struck it lucky with a $100,000 cash win. 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?
NZ millennials also appear to be more loyal. A majority agree 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. The promotion ends on January 15, The survey was designed to establish what the drivers would be behind how people spent the bonanza.
Nearly 70 per cent of the overall New Zealand population would rather stay put in their jobs.
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.
