- Teenagers reveal what they’d do if they won £1million in the lottery – and their responses might surprise you
- Many would save towards their future, but others would set up their own bakery business, buy “lots of Nando’s”, purchase a Ferrari and travel the world
- When asked what they would do with a savings pot of £5,000, they say they’d buy a car (40%), put it into savings (36%) and pay for university costs (25%)
- If a parent saved £20 a month into a junior ISA (JISA) – a type of children’s savings account – by the time their child turned 18 it would be worth about £5,000
- 21-year-old Freya Taylor-Lester, had a child trust fund – the forerunner to the JISA – with OneFamily. She explains what she did with her £5,000 of savings
From saving for a car and university, to “buying lots of Nandos” and travelling the world, teenagers reveal what they’d do if their lottery dreams came true and they won £1million.
A group of 1,000 young people aged 14-17 were surveyed by children’s savings provider, OneFamily, about their spending and savings habits, as well as what they’d do with the money if they hit the jackpot.
And some of their answers might surprise you – instead of wanting to splash the cash, many want to make sensible decisions such as getting on the property ladder, buying a car or taking their family on holiday. The majority of teens say they want to put the money towards their future, but others have more extravagant dreams, as they say they’d buy a mansion, get some new video games and even purchase a Ferrari.
Some would give the money to charity, buy gig tickets, own a dog and purchase a football season ticket. Other peoples’ top priority is helping their families, by buying them a house, paying off their mortgage or taking them away on a trip. One teen would spoil their mum by “buying her lots of treats”.
While winning the lottery may just be a fantasy, regular savings for children can still help give them a leg-up to adulthood. If a parent saved £20 a month into a junior ISA (JISA) account, by the time their child turned 18 it would be worth about £5,000.
This sum of money can make a big difference to someone’s life, offering them opportunities they may not have otherwise had.
In the survey, the teens were asked to imagine what they would do with a nest egg of this size. The most popular use for the money is to put towards buying a car (40%), shortly followed by putting into a savings account (36%), university costs (25%), going on holiday (22%) and saving for a house (16%).
Many of the teens are looking ahead, as 42% of them say they thought the £5,000 would help them plan better for their future.
21-year-old Freya Taylor-Lester, had a child trust fund – a savings account which was the forerunner to the JISA – with OneFamily. Her account was worth £5,000 when it matured and the money allowed her to go to drama school and travel to America.
Freya said, “Going to a university like this has been a dream of mine – at first, I wanted to go to dance school but then decided on acting. I wouldn’t have been able to come to London and start this course without my savings and my child trust fund was a big part of that.
“After university, I’d like to start working in theatre or TV, I’d love to do a serious BBC drama or a fun Netflix show like Heartstopper.”1
Jackie Davies, OneFamily’s Customer Operations Director, said, “I am pleased to see the majority of young people are thinking about how they could best use their finances to take their first steps into adult life.
“A nest egg of £5,000 can help change someone’s life and support social mobility, giving young people a boost they may not have otherwise had as they enter adulthood. We want everyone across the country – regardless of where they come from and their circumstances – to have equal opportunities in life and a JISA savings pot can help with this.”
-ENDS-
Notes to Editors
1 Freya’s case study and full quote is available, please contact the press team.
Unless otherwise stated, survey conducted by Opinium of 1,000 14 to 17 year olds between 11th and 19th July 2024.
Survey conducted by Opinium of 2,000 UK adults aged 18 to 50 between 11th and 22nd July 2024.
About OneFamily
We’re owned by our members for our members, which means we don’t have shareholders to pay – so we can reinvest our profits for good. Putting our members first and improving the financial wellbeing of those who need it most is firmly built into our values.
We have nearly 1.6 million customers* and 49 years’ experience of providing accessible, affordable products to help people make the most of their money. And don’t just take our word for it – our customers rate us highly, with an overall satisfaction score of 93% in 2023.**
Inspiring Better Futures
Our Inspiring Better Futures vision is driven by doing the right thing for our customers, colleagues and communities. Whether it’s supporting our customers with educational grants, investing in our colleagues’ wellbeing and development, or giving back to our communities through volunteering and charity partnerships, our vision is at the heart of what we do.
We awarded 111 young people education grants to help with the cost of further education and training in 2023, as well as supporting our communities through volunteering and our charity partnerships.
For more information on how we support our members and communities see:
Young Persons Education Grants
Charity Partnerships
Inspiring Better Futures
*As at 12 May 2024.
**Source: Bright survey, 2023.