The National Lottery could hold the key to boosting our financial resilience, says a think tank after proposing a bold revamp to the formula.
The Social Market Foundation has proposed selling tickets for £2.50 in a new “Win & Save” game.
That would see £1.75 set aside to go in the player’s savings pot and topped up with a 68p per ticket subsidy. This would generate savings of £126 per year for those who buy one weekly ticket while those who buy two tickets every week would save £252. The top prize should be capped at £250,000 while the scheme would generate more than £681,000 in total prize money if it could attract just 10 per cent of National Lottery players.
40% of UK adults have less than £100 in savings. 46% have saved nothing in the last two years. A reformed National Lottery could help people save. Here’s how: https://t.co/ATdhEAtpqC 1/n
— James Kirkup (@jameskirkup) November 13, 2019
The reason behind the proposed plans is the meagre savings that the average Brit has to fall back on – around 40 per cent of working age adults have less than £100 in savings while 46 per cent of the population have saved nothing at all in the past five years.
The new game would combat this, says SMF’s Scott Corfe, who has cited examples of similar schemes working in South Africa as well as the American states of Michigan and Nebraska.