Hitting the jackpot may cost a lot

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The EuroMillions draw which took place last night is set to make 25 people millionaires by Christmas Day. But the lucky few who hit the jackpot might not be destined for the pampered worry-free existence they believe their riches will guarantee.

According to Andy McNab, investment director at the Leeds office of Investec Wealth & Investment, winners who come into a few million pounds often find themselves having to return to work as a necessity rather than a lifestyle choice or a desire to keep in touch with reality.

He said: “A typical knee-jerk reaction for many winners is to purchase a bigger house and a luxury car having no concept of how much these will cost to maintain, and in today’s subdued economy, their expensive upkeep could force winners back to work.”

Mr McNab believes in the current climate, a lottery winner in middle age might need more than £5m to put their feet up and live a financially secure existence well into old age. He said: “My advice to anyone who has been fortunate enough to win a few million pounds is always to first take stock and find a good independent wealth manager to help put in place a sound financial plan for their long-term future.”

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